US Stock Market News | Chipotle Mexican Grill drops more than 10% as news suggests its CEO is about to join Starbucks

On Tuesday, Chipotle Mexican Grill's stock price fell, with the stock dropping over 10% to $50 as of the time of writing. According to reports, Starbucks announced that Chipotle Mexican Grill's CEO, Brian Niccol, will take on the role of CEO and Chairman starting from September 1st. Jack Hartung, who was originally set to retire in January next year after serving as the company's CFO for a long time, will delay his retirement. Brian Niccol currently serves as the Chairman and CEO of Chipotle Mexican Grill. Since becoming CEO in 2018, Brian Niccol has completely transformed Chipotle Mexican Grill. Under his leadership, the company's revenue has nearly doubled, profits have grown about sevenfold, and the stock price has risen by nearly 800%. Chipotle Mexican Grill's Chief Operating Officer, Scott Boatwright, will serve as interim CEO, while board member Scott Maw has been appointed Chairman