Chipotle founder Steve Ells steps down as executive chairman

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." 

"We are grateful for all that Steve has done for Chipotle, including helping build and guide the current leadership team," Flanzraich said. 

The chain is reducing the size of its board of directors from 10 to seven. Six of the directors are independent. Two directors, Matthew Paull and Paul Cappuccio, will not stand for re-election.

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Since Ells founded the company in 1993, Chipotle has grown from a single restaurant in Colorado to more than 2,600 locations today. The eatery, based in Denver, gained popularity over time by offering fast, tasty meals made with fresh ingredients. 

The chain is best known for its "build your own" tacos and burritos menu. The company went public in 2006.

Ells, who is a classically trained chef, bounced between CEO and co-CEO roles at Chipotle until 2017, when he relinquished his position to focus on innovation. His final years as CEO were rocked by an E. coli outbreak linked to food served at the restaurant across several states. 

Niccol left the top job at Taco Bell for the CEO role at Chipotle in 2018. Under his leadership, sales gained momentum, digital orders expanded and the company made news by expanding its menu offerings.  

Chipotle shares were down 2.4% in morning trading. 

Follow Dalvin Brown on Twitter: @Dalvin_Brown.