- Signs for push-out forces
- After almost eight years on the job
- Praise, thanks and good wishes for Moran
- Dual CEO role eliminated
- Steve Ells becomes sole Chief Executive Officer
(management-change.com) — Denver, Colorado, December 12, 2016 — Monty Moran, Co-CEO of Chipotle, leaves. It is an abrupt change. As announced by Chipotle Mexican Grill, Inc. in a news release and in a regulatory filing published on Monday, December 12, 2016, Montgomery F. (Monty) Moran leaves the post as Co-CEO at the chain of fast casual restaurants in a surprising move after almost eight years on the job, effective immediately.
Chipotle eliminates the dual CEO role. Company founder Steve Ells will be sole Chief Executive Officer.
Ells will also remain Chairman of Chipotle’s board.
“High standards for the guest experience”
Moran’s move is explained as follows. Neil Flanzraich, Lead Director of Chipotle’s board, said in a fairly blunt statement: “Given the ongoing challenges facing the company, the board felt strongly that it was best for Steve to resume leadership of the company going forward. This will ensure that his high standards for the guest experience and his unyielding commitment to the company’s mission are top priorities.”
Chipotle said: “On December 9, 2016, Monty Moran, Co-Chief Executive Officer and Secretary of Chipotle, provided notice to the company that he will retire effective June 9, 2017, and resigned from his officer positions with the company, and as a member of the company’s Board of Directors, effective immediately.”
Precise information about the future plans of Moran was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Chipotle Mexican Grill, Inc. since October 2015.
On the job as Co-CEO since 2009
Moran was appointed to this position as Co-CEO on January 1, 2009, after serving as President and Chief Operating Officer since March 2005.
Moran previously served as chief executive officer of the Denver law firm Messner & Reeves, LLC, where he was employed since 1996, and as general counsel of Chipotle.
Moran holds a Bachelor of Arts degree in communications from the University of Colorado and a law degree from Pepperdine University.
Signs for push-out forces
It is not completely certain what forces eventually triggered Monty Moran’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 47.2016 ($).