Chipotle Hires Taco Bell CEO Brian Niccol | Eater
"After naming Brian Niccol — a marketing and innovation veteran recruited from Taco Bell — as its new CEO, the chain hopes to revive its fortunes following a series of food-safety crises. Founder Steve Ells stepped down as CEO and will move to executive chairman. Since fall 2015, E. coli and norovirus outbreaks sickened dozens and prompted numerous lawsuits, driving profits down roughly 95% in 2016. Recovery efforts have included ramped-up food-safety procedures, heavy promotions such as free burritos, and new menu additions (including the much-maligned queso), while the company continues to tout its "food with integrity" positioning, non-GMO produce and sustainably raised pork. The hire is intended to make the brand more youthful and culturally relevant via social media, and the announcement produced an immediate market bump, with the stock rising more than 10% in after-hours trading." - Whitney Filloon
