November 29, 2017 / 1:10 PM / 2 years ago

CORRECTED-Chipotle says founder Ells to step down as CEO

(Corrects spelling of “Ells” in headline)

Nov 29 (Reuters) - Chipotle Mexican Grill Inc’s founder Steve Ells will step down as chief executive of the burrito chain once it finds a replacement with “demonstrated turnaround expertise”, the company said on Wednesday.

“Bringing in a new CEO is the right thing to do for all our stakeholders,” Ells said, adding the move will help him focus on bringing innovation to Chipotle’s sourcing and food preparation.

Chipotle said a search committee had been formed comprised of directors Robin Hickenlooper and Ali Namvar, as well as Ells, to identify a new CEO.

Ells will stay on as executive chairman. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Savio D’Souza)

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