Chipotle founder and CEO to exit as investor patience thins

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.

Investors welcomed the move, sending Chipotle shares up more than 5 per cent to US$301.99. The stock is still down more than 20 per cent this year and has tumbled from a high of US$742 in 2015, when sales-crushing E coli, salmonella and norovirus outbreaks sickened hundreds of US customers.

In response, Chipotle shook up its board, revamped food safety and gave away millions of dollars in free food with little effect. A new noro…