Chipotle Mexican Grill Inc. (NYSE: CMG) shares saw a handy gain on Wednesday after the burrito chain announced that it would be adding a new executive. Specifically, the firm said that it would be adding Chris Brandt as its chief marketing officer in the coming month, replacing Mark Crumpacker, who left Chipotle last week.
Most recently, Brandt was at Bloomin’ Brands, where he served as executive vice president and chief brand officer across Outback Steakhouse, Carrabba’s, Bonefish Grill and Fleming’s. In this capacity, he oversaw a 75-person brand team and had responsibility for product innovation, brand positioning, product pipeline development, consumer insights, creative strategy and development, media strategy, loyalty and digital marketing across all four dining concepts.
Prior to this, Brandt was at Taco Bell and oversaw numerous successful new products, including Doritos Locos Tacos and the quesalupa, new dayparts such as Happier Hour and breakfast, digital initiatives such as the Taco Bell app, as well as other innovative media and sponsorship programs. Before joining Taco Bell, he held senior level marketing and brand development positions with Odwalla/Coca Cola and General Mills.
Brian Niccol, CEO at Chipotle, commented:
Chris is an extremely talented and effective marketing executive. Having worked with Chris in the past, I have seen first-hand his ability to generate sales overnight and build brands over time. His experience and expertise make him an ideal fit for our leadership team at Chipotle as we look to reinvigorate this exceptional brand, and build sales, transactions and profitability.
Shares of Chipotle were last seen up about 5.6% at $338.07 on Wednesday, with a consensus analyst price target of $311.68 and a 52-week range of $247.52 to $499.00.