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Chipotle founder and CEO to exit as investor patience thins
Steve Ells to stay on as executive chairman; move comes after disastrous two years for burrito chain
Hedge fund manager William Ackman, whose Pershing Square Capital Management LP is Chipotle's largest investor with a 10% stake, is said to be closely involved in Mr Ells' (above) move to step aside.
PHOTO: REUTERS
Bengaluru
CHIPOTLE Mexican Grill Inc is searching for a turnaround expert to replace founder and chief executive Steve Ells, who said on Wednesday he would step aside after failing for two years to rescue the burrito chain's sales and reputation from a string of food-safety lapses.
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