Chipotle announced it will replace CEO Steve Ells with former Taco Bell CEO Brian Niccol effective March 5. Image Chipotle Facebook
15 February, 2018, 14:19
Niccol also shepherded Taco Bell when it pivoted its marketing philosophy. While some on Wall Street support the hiring, CNBC's Jim Cramer said Niccol represents the anithesis of Chipotle's values. "It will be on the new CEO to really separate his management skills from the specific strategies that were implemented at Taco Bell".
Chipotle Mexican Grill Inc shares jumped as much as 16 percent on Wednesday, as analysts called its recruitment of Taco Bell chief executive Brian Niccol a potentially transformational moment after two years of brand-crushing food-safety scandals. Ells, who will remain chairman, began Chipotle in 1993 as an alternative to fast-food restaurants and the company has derided the kind of fare that Taco Bell sells. From 2000 to 2012, Taco Bell closed roughly 1,000 locations.
While the case was dropped, executives said that the negative effects lingered for months - longer than they had expected. "As we look ahead, I couldn't be more excited about the strength of Taco Bell as the brand continues its journey to become a $15 billion company with 9,000 restaurants globally by 2022".
Former co-CEO, Monty Moran also stepped down back in 2016 as the Mexican food chain was struggling due to a major E. coli outbreak. In that role, he oversaw the debut of the wildly successful Doritos Locos Tacos. Brands' Pizza Hut concept and, prior to that, with consumer goods company Proctor and Gamble.
Since then, Taco Bell has been unstoppable when it comes to getting its message before experience-driven millennials. Brands Taco Bell Division in their current respective roles.
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Niccol, who previously served as president of Yum!
Taco Bell, meanwhile, is better known for its wild and affordable new menu items than it is a strict dedication to fresh food. Under his leadership, he successfully repositioned Taco Bell as a lifestyle brand and successfully launched numerous product initiatives, including the new breakfast daypart, the fastest growing daypart in the industry.
However, investors seem confident that Niccol is up for the job. (NYSE:CMG)'s stock on Tuesday traded at beginning with a price of $254.13 and when day-trade ended the stock finally plummeted -1.23% to reach at $251.33.
"During Mr. Niccol's tenure at Taco Bell, he helped transform the brand's image, appealing to millennial consumers", UBS analyst Dennis Geiger wrote in a note to investors on Wednesday.
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