Home > Thoroughly Sick Of CEO Steve Ells, Chipotle Removes Him

Business
Thoroughly Sick Of CEO Steve Ells, Chipotle Removes Him

Description

Chipotle said Wednesday that it's replacing its CEO, Steve Ells, who founded the burrito chain more than two decades ago. According to Business Insider, IWasPoisoned.com reports the rate of self-reported foodborne illnesses is higher for Chipotle than any other restaurant chain in the US. The data indicates another outbreak attributed to Chipotle is possible within the next six to 12 months. IWasPoisoned.com allows people to self-report suspected foodborne illnesses. The crowd-sourced nature of the data leaves room for a large margin of error, but the website has a track record of accurately spotting illness outbreaks even before health officials or restaurant managers are aware. Just last week, Chipotle's stock slid more than 5% after an actor claimed he "almost died" after eating at the chain. Similarly, shares fell more than 14% in July after a norovirus outbreak at a single restaurant in Sterling, Virginia. Chipotle has been fighting to restore its public image since the 2015 E. coli outbreak that affected restaurants in 14 states and sent sales sliding by more than 30%. The company has lured customers back to its restaurants with millions of dollars in free food offers, and it has also made sweeping changes to its food preparation procedures to ramp up food safety and prevent another outbreak. But the volatility of the company's stock in relation to even isolated reports of suspected illnesses shows Chipotle still has work to do to restore the trust of both customers and investors.

Added on the 29/11/2017 13:15:42 - Copyright : Wochit

To customise your video :

Or Create an account

More videos on the subject

  • Taco Bell CEO To Take Over Top Role At Chipotle

    Chipotle has hired Taco Bell CEO Brian Niccol as the chain's new top executive. The fast-food giant is a very different type of Mexican restaurant than Chipotle, which is considered "Fast Casual." Under Niccol's leadership, Taco Bell experienced a period of impressive growth, thanks to creative marketing and exciting new menu items. Chipotle has struggled to win back customers following an E. coli crisis more than two years ago. Insiders expect big changes, such as new menu items, breakfast burritos, more advertising, and boozy drinks. But whether Niccol can succeed in shaking things up at Chipotle remains to be seen.

    14/02/2018 - Wochit
  • Chipotle Taps Taco Bell's CEO To Turn Them Around

    Chipotle's new CEO will be Taco Bell's current leader, Brian Niccol. The struggling chain has been searching for a new CEO since November, when founder Steve Ells announced plans to step down in an effort to turn around the chain. At Taco Bell, Niccol pushed for creative marketing, digital innovation, and wild new menu items. Niccol joined Taco Bell 2011 as its chief marketing and innovation officer.

    13/02/2018 - Wochit
  • Chipotle Promises To Pay Top Executives Big Bonuses To Stay During CEO Search

    Chipotle is promising executives major bonuses if they do not quit while the company looks for a new CEO. The food company's CFO is set to make one million if he stays at Chipotle for one year after the chain replaces founder Steve Ells with a new CEO. The company's CMO, who was previously placed on a three-month leave after being arrested on charges of cocaine possession, will even receive a 600 thousand dollar bonus.

    13/01/2018 - Wochit
  • Search For New CEO Has Chipotle Stock Rising

    On Wednesday, following Chipotle founder and CEO Steve Ells' announcement that he would step down so the fast-casual burrito chain could hire a new boss, shares in the company experienced a 7% increase in trading. Investors pleased by the news drove the stock to $305 in trading by Wednesday morning, just before settling near the $294 figure. According to a statement released by Ells, "Bringing in a new CEO is the right thing to do for all our stakeholders. It will allow me to focus on my strengths, which include bringing innovation to the way we source and prepare our food. It will ultimately improve our ability to provide our guests with delicious food that is prepared with high quality ingredients that are raised responsibly and served in a way that is accessible to everyone." Wednesday's gains are still a far cry from the 52-week high of $504.73, set in May, which came just before a second string of sickness outbreaks slashed the company’s market value. Since then shares of the company are down more than 60%. This is the second time in less than a year that Chipotle has announced plans to cut a CEO, with co-CEO Monty Moran stepping down from his position in December of last year.

    29/11/2017 - Wochit
  • Chipotle CEO finally apologizes for food poisoning

    Chipotle is in damage control mode amidst yet another outbreak of illnesses linked to the restaurant's food this week. The chain's co-CEO and founder, Steve Ells, apologized to the public during a Today Show appearance on Thursday, promising that the strict new food-safety rules the company is planning will make it "the safest place to eat." The apology comes after as many as 141 Boston College students and other locals who ate at Chipotle locations near the campus reportedly fell ill this week with symptoms of norovirus, a violent stomach sickness most often spread through tainted foods. Two months earlier, the restaurant was linked to an outbreak of E.coli that sickened dozens of people across nine states. Investors cheered the apology on Thursday, sending shares of the ailing stock up more than 5 percent after a fraught couple of months that eroded a significant chunk of the chain's market value.

    14/12/2015 - Wibbitz
  • Major Phone Companies Pledge to Stop Selling Your Real-Time Location Data

    According to the Associated Press, telecom companies AT&T, Sprint, T-Mobile, and Verizon recently stated that they won’t provide their customers’ location data to third-party data brokers. A New York Times report in May touched off a major scandal by describing the ways location data, which all four major carriers in the U.S. share with data brokers like LocationSmart, can be abused. This is a good step forward for these companies to make to help protect their customers data.

    19/06/2018 - Wochit

More videosBusiness

Watch video of Shares Of Blue Apron Dipped To An All-time Low. The Meal-kit Subscription Dropped To $1.81 Per Share On Tuesday. The Company Has Faced Increasing Pressures From Competition, Like HelloFresh. Big Companies Like Walmart And Amazon Entering Its Space. In March, Walmart Announced It Was Launching Its Own Line Of Meal Kits. The Company Has Struggled To Attract New Customers And Retain Old Ones Since Going Public Last June. - Blue Apron Shares Drop To A New Low - Label : Wochit -
Business

Blue Apron Shares Drop To A New Low

03/04/2018 21:21:24