On August 13, 2024, Chipotle announced that CEO Brian Niccol would be stepping down to take the helm at Starbucks (NASDAQ: SBUX ). This news initially sent shockwaves through the market, with Chipotle's stock closing down 7.5% on the day of the announcement. However, the company moved swiftly to reassure investors by promoting COO Scott Boatwright to the role of Interim CEO and retaining Jack Hartung as President of Strategy, Finance, and Supply Chain.