Steve Ells, the founder of Chipotle Mexican Grill, stepped down from his position as executive chairman on Friday, the fast-food chain announced. He also is stepping away from his position on the board of directors.
The company’s CEO, Brian Niccol, is taking on the role of chairman of the board effective immediately, Chipotle said.
In a statement, the restaurant chain’s lead independent director Neil Flanzraich called Ells “a visionary founder” who “revolutionized casual dining.” The restaurant chain said it’s reducing the size of its board of directors from 10 to seven.
Two directors, Matthew Paull and Paul Cappuccio, will not stand for re-election.
This story is developing.