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UPDATE 1-Chipotle names Moran co-CEO, eyes move into Europe

Mon Jan 5, 2009 4:38pm EST

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CHICAGO, Jan 5 (Reuters) - Chipotle Mexican Grill Inc (CMG.N) promoted Monty Moran on Monday to the role of co-chief executive officer and said it was looking to enter the European market with a restaurant in London late this year.

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Moran had been president and chief operating officer of the company since March 2005. He will share the CEO role with Chipotle founder Steve Ellis, the company said.

Chipotle, which had focused its expansion efforts on the United States, said it wants to open a restaurant in London by the end of 2009 and then may look to open restaurants in other European markets.

But most of its growth will continue to be in U.S. markets for the foreseeable future, Chipotle said.

Chipotle shares closed down $1.59, or 2.5 percent, at $62.55 on Monday on the New York Stock Exchange, (Reporting by Brad Dorfman, editing by Matthew Lewis)

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