Chipotle shares jump as new chief sparks hope of quicker turnaround

Chipotle was founded by outgoing CEO Steve Ells in Colorado in 1993

Chipotle, in a press release Tuesday, credited Niccol with boosting Taco Bell's popularity.

Niccol will be leaving his post as CEO of Taco Bell - a fast food chain whose vast list of ingredients includes countless hard-to-pronounce additives and preservatives - to join Chipotle, Cramer said Wednesday.

Chipotle announced it will replace CEO Steve Ells with former Taco Bell CEO Brian Niccol effective March 5.

In November, Ells, Chipotle's founder, announced he planned to step down as CEO of the company amid struggles relating to a 2015 E. coli outbreak at several of its 2,350 locations.

"Following an unfounded lawsuit that sharply slowed Taco Bell's momentum in 2011, Niccol was a key player in first stabilizing the brand and then reaccelerating growth", Senatore said.

The company also indicated it wanted to replicate some of Taco Bell's social media savviness.

"No doubt, the company hopes to win back some of the millennial customers Chipotle lost to Taco Bell".

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He added that "our government will finish its term and I am sure that in the next elections (due in 2019), I will again win your confidence".

"We believe Mr. Niccol's experience could help Chipotle lean into menu innovation, digital technologies, restaurant operations and marketing over the near-term", she added.

"This will attract customers, return the brand to growth, deliver value for shareholders and create opportunities for employees", he said. "Chipotle executives have acknowledged neglecting basic operational details, like keeping restaurants clean and up-to-date, while they focused on food safety", Jargon continues.

At the time, it was the largest and most successful individual product launch in Taco Bell's history. Chipotle's stock traded as high as $720 in 2015 before the company's foodborne illness problems became widespread, and last week the shares were trading as low as $250.

Tarantino said Niccol's hiring made his team "more optimistic about the long-term fundamental outlook for Chipotle".

Before being appointed as the CEO of CMG, Brian Niccol served as the CEO of Yum!

As Niccol departs, Julie Felss Masino, 47, president of Taco Bell North America, and Liz Williams, 42, president of Taco Bell International, are splitting his duties in their respective roles and will report to Yum!

Seaborn said digital ordering seems to be the place Niccol is positioned to do the most good, noting Chipotle "just hasn't been able to crack that despite a fair bit of effort of over the last couple of years".

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