Dive Brief:

• Long-time Chipotle CFO Jack Hartung will postpone his planned retirement and remain with the company “indefinitely,” following the news that CEO Brian Niccol will be moving to take the top executive seat at Starbucks, according to a Tuesday securities filing.
• Hartung, who has logged more than two decades at the Newport Beach, California-based company, will stay on as its president of strategy, finance and supply chain to support a smooth leadership transition, according to its filing with the Securities and Exchange Commission. His new role is already effective, with Hartung’s current title being “Chief Financial and Administrative Officer and President of Strategy, Finance and Supply Chain,” a Chipotle spokesperson told CFO Dive via email.
• Niccol will depart the company effective Aug. 31, with Chipotle appointing its Chief Operating Officer, Scott Boatwright, as its interim CEO, according to a Tuesday press release. Scott Maw, its lead director, will step in as chairman of the board effective immediately, the company said.

Dive Insight:

In his new role as president, Hartung will work to support Boatwright as he moves into the interim CEO position, according to the Tuesday filing. Hartung has served as Chipotle’s CFO since he joined the company in 2002, steering it through its 2006 initial public offering and contributing to its substantial growth over the past two decades.  

The company announced his planned retirement last month, set to be effective as of March of next year, Industry Dive sister publication Restaurant Dive previously reported. Chipotle tapped its VP of Finance, Adam Rymer, as Hartung’s successor, with Rymer slated to take the top financial seat effective Jan. 1, 2025, per the July announcement.

Hartung will continue in his current oversight of Rymer before the CFO transition, and will also oversee Carlos Londono, VP of supply chain, in his new role, according to the Tuesday filing.

Rymer joined the company in 2009, and oversees Chipotle’s corporate finance, field finance and investor relations functions as part of his current role as VP of finance, according to the July announcement. He has “reported directly or indirectly to and has been mentored by Hartung” during his entire tenure at the organization, Chipotle said.

Another Hartung mentee, Jamie McConnell, will take the role of chief accounting and administrative officer on Jan. 1 as part of the company’s leadership changes, according to the July announcement.

Chipotle will lean on Hartung’s two decades of expertise at the company as it consolidates its leadership shifts and looks to continue a trend of positive growth. Under both Niccol’s and Hartung’s tenure, the restaurant chain has continued to add new restaurants and has seen comparable sales grow over its past two quarters despite economic headwinds.

For its most recent quarter ended June 30, comparable sales saw an 11.1% jump year-over-year, according to its Q2 earnings release. Revenues for the quarter increased by over 18% to $3 billion, while Chipotle reported net income of $455.7 million.

Over the course of Hartung’s tenure as CFO, the company has grown from managing approximately 200 restaurant locations to operating more than 3,500 restaurants across the U.S., Canada, France, Germany, Kuwait, and the United Kingdom as of June 30, according to its most recent quarterly earnings results. The restaurant chain opened 52 new locations during Q2 2024 and is forecasting total new restaurant openings of between 285 to 315 for its full year.

Chipotle declined to comment further beyond the details included in its press release.