TheStreet's Brian Sozzi responds to the breaking news that Chipotle's founder Steve Ells is stepping down as CEO and the company is looking for someone to fill the top job.
The search is on for a new Chipotle (CMG) CEO. Trading of company's stock was briefly halted this morning ahead of the news that Steve Ells would be stepping down from the top job.
TheStreet Editor Brian Sozzi shared some of his thoughts in the moments after the news broke. He looked back at Ells' rocky tenure leading Chipotle.
Sozzi also pointed Ells failure to groom a successor to immediately step into the role.
Ells is a chef who started the company in 1993 as a single restaurant before leading it on a path of international growth. He will remain with Chipotle as executive chairman.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
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