Shares of Chipotle Mexican Grill have fallen by more than 10% after the company’s CEO Brian Niccol suddenly decided to resign from his post and move to Starbucks. This news has created a feeling of disappointment and insecurity among Chipotle investors, resulting in a huge decline in the company’s shares.

Brian Niccol has been CEO of Chipotle since 2018. He has been replaced by Scott Boatwright, the company’s chief operating officer (COO), as interim CEO. Niccol has been instrumental in Chipotle’s recovery, particularly after the E. coli crisis that began in 2015, which had a long-term negative impact on the company’s shares. Before Niccol joined, Chipotle’s annual revenue was about $4.5 billion, while by 2023 it was set to grow to $9.9 billion. Over the past five years, the company’s stock has risen more than 240%, while the S&P 500 has gained only 85%

Amid the company’s leadership transition, Chipotle Chief Financial Officer Jack Hartung, who had planned to retire in 2025, has decided to stay on “indefinitely” as the company’s president of strategy, finance and supply chain.

Wedbush analyst Nick Setyan told Yahoo Finance, “Chipotle is in a very good position. I give as much credit to both of the individuals who have taken charge of the company as I do Nicole. They have been equally important to the company’s revival. I think the company is in good hands.”

Danilo Gargiulo, senior research analyst at Bernstein, also saw this change as positive. He said, “The brand has evolved itself into more than just a CEO-dependent and CEO-led company. And over time, it has proven that it is bigger than its management.”