Chipotle's founder plans to step down as the struggling chain begins the hunt for a new CEO

Hollis Johnson

Chipotle announced on Wednesday morning that its CEO and founder plans to step down as the chain begins its hunt for a new CEO.

Steve Ells, the chain's chairman, founder, and CEO will step down from his position "following the completion of a search to identify a new CEO" the company said in a statement. Ells will remain involved as executive chairman.

According to Chipotle, the company is looking for "a new leader with demonstrated turnaround expertise to help address the challenges facing the company, improve execution, build customer trust, and drive sales."

"I am incredibly proud of Chipotle and our people - and grateful to our loyal customers - and while we are continuing to make progress, it is clear that we need to move faster to make improvements," Ells said in a statement.

Ells continued: "Bringing in a new CEO is the right thing to do for all our stakeholders. It will allow me to focus on my strengths, which include bringing innovation to the way we source and prepare our food. It will ultimately improve our ability to provide our guests with delicious food that is prepared with high quality ingredients that are raised responsibly and served in a way that is accessible to everyone."

Ells also said that the chain has "vast unrealized potential," and will look at opportunities including digital, menu innovation, delivery, and international expansion.

Chipotle has struggled since an E. coli crisis two years ago drove customers away from the chain.