Chipotle fast-tracks CFO appointment; former finance chief to take new role
Following the unexpected departure of its former CEO, Chipotle Mexican Grill is making more changes to its C-suite.
The fast-casual chain has accelerated the appointment of Adam Rymer to CFO, beginning Oct. 1. Rymer will serve on Chipotle's executive leadership team and report to Scott Boatwright, who was named interim CEO last month.
Former chief financial and administrative officer Jack Hartung will serve in his new role as president and chief strategy officer beginning Oct. 1, also supporting Boatwright. The news follows the spring announcement that Hartung, who has served as CFO since 2002, had decided to retire, effective March 31, 2025. He will serve in the new role "indefinitely."
A 15-year Chipotle veteran, Rymer previously served as VP of finance for the chain, overseeing corporate finance, field finance and investor relations functions. Jamie McConnell, who has been with the organization since 2018, will assume the role of chief accounting and administrative officer, reporting to Rymer and transitioning roles on the same date.
McConnell previously served as VP, controller, with responsibility for the corporate accounting, financial reporting, tax, internal audit, accounting shared services, licensing and payroll functions.
The C-suite changes come just weeks after former CEO Brian Niccol, who had served in the role since 2018, left Chipotle to take over as CEO of Starbucks, effective Sept. 9. Starbucks, whose store traffic was down 3% in the January through March period, dismissed Laxman Narasimha, who took the reins in March 2023. The company is looking to Niccol to replicate his success at Chipotle with the coffee giant.
“There's tremendous growth opportunity ahead for Chipotle, and I look forward to delivering on our strategic priorities and driving value for our guests, our employees and our shareholders,” said Rymer. “For well over a decade, I've had the privilege of supporting one of the leading and longest tenured CFOs in the business, and I am grateful for the deep institutional knowledge that was bestowed upon me, Jamie, and the entire finance organization, as we continue executing on our mission to ‘Cultivate a Better World.’”
In addition to accelerating these executive appointments, Chipotle's board of directors has put retention plans in place for its entire executive leadership team to ensure continuity through this transitional time. With the exception of one officer hired in 2023 and Jack Hartung's two and half decades with the company, Chipotle's bench of executive officers have an average tenure of approximately seven years with the organization.
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As of June 30, 2024, Chipotle operates more than 3,500 restaurants in the United States, Canada, the United Kingdom, France, Germany and Kuwait. It is the only restaurant company of its size that owns and operates all its restaurants in North America and Europe.
