Chipotle Mexican Grill (NYSE: CMG) has just announced the appointment of Scott Boatwright as its new Chief Executive Officer and member of the board, effective immediately. Boatwright, who previously served as the Chief Operating Officer, has been instrumental in driving the company's overall guest experience and integrating new technology into its restaurants.
Under Boatwright's leadership, Chipotle has seen impressive outcomes and improvements in throughput, with industry-leading retention rates. Prior to joining Chipotle, Boatwright spent 18 years with Arby's Restaurant Group in various leadership positions.
In terms of financials, Chipotle currently operates over 3,600 restaurants in the United States, Canada, the United Kingdom, France, Germany, and Kuwait. As of September 30, 2024, the company boasts a workforce of over 125,000 employees.
Boatwright expressed his passion for Chipotle's menu and his belief in the company's long-term growth goals. Chipotle's Chairman of the Board, Scott Maw, emphasized that Boatwright's appointment is a result of a thorough and rigorous external search process, affirming his capability to lead the company's next stage of growth.
Chipotle's commitment to serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors, or preservatives has positioned the company as a leader and innovator in the food industry. Additionally, Chipotle is recognized on Fortune's Most Admired Companies 2024 list and Time magazine's Most Influential Companies.
With Boatwright at the helm, Chipotle aims to continue providing a great guest experience, making its food more accessible to everyone, and leading the way in digital, technology, and sustainable business practices. The market has reacted to these announcements by moving the company's shares 2.1% to a price of $60.5. Check out the company's full 8-K submission here.
