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Search For New CEO Has Chipotle Stock Rising

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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.

Added on the 29/11/2017 12:44:40 - Copyright : Wochit

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