Chipotle Stock Rises as Investors Digest News That Scott Boatwright Will Be CEO | Global News Avenue

Chipotle shares rose on Tuesday as investors digested the news that the fast-food chain has officially named Scott Boatwright as chief executive.

Boatwright, a company veteran, got the job on an interim basis during Brian Niccol’s tenure. left Leading Starbucks (gender) August, officially appointed yesterday. Some Wall Street analysts have called on him to Get a full-time job, Traders seem enthusiastic about his promotion: Chipotle’s (CMG) shares recently traded around $60, with the broader market up 1.1% move in another direction.

The appointment isn’t a surprise, but it does remove a degree of suspense. “We conducted a thorough and rigorous external search process and confirmed that Scott is the absolute best person to lead Chipotle’s next phase of growth,” said Chipotle Chairman Scott Maw.

During his first earnings call as CEO last month, the shipwright said Same-store sales growth is expected to reach mid-to-high single digits in 2024. The forecast is less optimistic than analysts’ previous forecasts. Still, revenue rose 13% in the third quarter, with same-store sales up 6%. Sales at some fast food restaurants are even more sluggish, reduced foot traffic Industry-wide growth was about 0.2% year-on-year, according to Placer.ai, which tracks visits.

The burrito business praises Boatwright for integrating technology into its restaurants and improving the customer experience. He joined the company in 2017 as chief restaurant officer.

“I am passionate about our menu and inspired by our employees, and I am confident that I and our esteemed tenured leadership team will deliver on our priorities and achieve our long-term growth goals,” Boatright said.

Chipotle’s stock price has risen more than 30% since the beginning of the year.