Where do you love to enjoy Mexican cuisine? Is it Taco Bell? Qdoba? Del Taco? There are numerous options available, yet one name consistently stands out: Chipotle. But, do you know who is behind Chipotle?
Officially called Chipotle Mexican Grill, this fast-casual dining franchise specializes in bowls, tacos, and Mission burritos, prepared specifically according to each customer’s preferences as they watch their meal being crafted. The restaurant operates in various countries beyond the United States, including the United Kingdom, Canada, Germany, and France.
A favorite among college students and young professionals, it’s highly probable that many aspiring business owners have dined here in the past. But, how familiar are you with the history of this flourishing restaurant brand? Are you aware of who owns Chipotle? Those queries will be addressed further on. Let’s dive in!
A Look Back Before Chipotle
The inception of Chipotle is credited to Steven Ells. Born in Indianapolis, he attended the University of Colorado at Boulder, where he earned a Bachelor of Arts in Art History. He subsequently enrolled at the Culinary Institute of America in Hyde Park, New York, graduating in 1990.
After completing his studies, Ells moved to San Francisco, where he worked as a sous chef for several years. It was during this time that he became enamored with the popularity of local taquerias and burrito shops.
The Birth of Chipotle
With the expertise gained in San Francisco, Ells launched Chipotle in Denver, Colorado, on July 13, 1993. He invested $85,000, supported by family and friends.
To ensure profitability, Ells, along with his father, calculated the daily sales needed, determining they would require over 100 burritos per day. Astonishingly, within a month, sales exceeded 1,000 burritos daily.
This surge in revenue enabled Ells to launch a second location in 1995, followed by a third. His father contributed over a million dollars to facilitate the expansion. Ells subsequently devised a comprehensive business plan and established a board of directors.
Initially, Ells intended to use Chipotle’s profits to fund a fine-dining restaurant but opted to continue expanding his Mexican fast-casual concept due to its remarkable success.
Chipotle’s Ongoing Success Story
In 1998, Kansas City, Missouri welcomed its first Chipotle outside of Colorado. A year later, in March, another location opened in Minnesota, close to their state university.
McDonald’s emerged as a significant investor, and by 2001, they held the largest stake in Chipotle. Their investment facilitated the opening of over a dozen new locations. By 2005, Chipotle had reached the halfway mark toward 1,000 restaurants.
In 2006, Chipotle executed its initial public offering (IPO), achieving record-breaking success. The funds raised were reinvested into expanding the Chipotle brand.
Eventually, McDonald’s withdrew from Chipotle, preferring to concentrate on its own business. Although McDonald’s attempted to introduce elements like a breakfast menu and drive-thru service, Ells declined those suggestions.
In 2009, Monty Moran, President and COO, was appointed as co-CEO alongside Ells. That same year, Chipotle was recognized as one of the fastest-growing restaurant chains in the nation, moving from eighth to third place, and by 2011, it crowned itself as the top Mexican fast-food chain, serving a quarter of a million customers each day.
Ells Steps Away
In December 2016, Monty Moran retired, making Ells the sole CEO once more. However, just a year later, Ells also resigned from the CEO position.
In February 2018, Brian Niccol, the CEO of Taco Bell, took the helm at Chipotle while Ells retained his role as chairman. This change resulted in a boost in stock performance but received mixed reactions.
Chipotle underwent two relocations of its headquarters, leading to the impact on numerous employees and the closure of various underperforming restaurants. By March 2020, Ells left the company entirely, cutting all ties with the brand he founded.
As of last year, Ells has ventured into real estate and serves on the board of directors for The Land Institute, where he focuses on agricultural issues.
In Conclusion
So, who is the current owner of Chipotle? It is CEO Steve Ells. You may be familiar with the controversies surrounding his restaurant, including several health violations, not to mention the scrutiny he faced regarding his compensation as CEO.
Despite these challenges, Ells has made a name for himself by blending his expertise with an innovative concept. Let his journey inspire you as you pursue your own entrepreneurial dreams.
