Chipotle chief accounting and administrative officer resigns

Jamie McConnell resigned as Chief Accounting and Administrative Officer of Chipotle Mexican Grill Inc. (NYSE:CMG), effective immediately, the company reported Monday. According to a statement based on a Securities and Exchange Commission filing, McConnell left the company to pursue a new professional opportunity. The departure comes as Chipotle maintains strong financial health, with InvestingPro data showing robust liquidity metrics and a current ratio of 1.65, indicating the company’s solid financial position.

Chipotle stated that McConnell’s resignation did not result from any dispute or disagreement with the company, including matters related to accounting practices, financial reporting, operations, or policies.

No information was provided regarding a successor or interim appointment for the position.

This information is based on a statement released in a recent SEC filing.

In other recent news, Chipotle Mexican Grill reported its second-quarter results, revealing a 4% decline in comparable sales and a nearly 5% drop in transactions. Despite these challenges, the company managed to deliver earnings per share of $0.33, which aligned with consensus estimates. Following these results, Truist Securities lowered its price target for Chipotle to $60, citing a miss in same-store sales and revised guidance for future periods. KeyBanc also adjusted its price target to $58 due to concerns about sales growth, though it maintained an Overweight rating, highlighting better-than-expected store-level margins.

Piper Sandler upgraded Chipotle from Neutral to Overweight, suggesting that the negative outlook may already be reflected in the stock price. Stifel reiterated its Buy rating with a $65 price target, pointing to a challenging consumer environment impacting sales. Meanwhile, Computer Modelling Group Ltd. announced the appointment of Vipin Khullar as its new Chief Financial Officer. Khullar brings extensive experience from his previous role at Constellation Software Inc., where he focused on acquisitions and financial discipline. These developments represent significant updates for investors to consider.

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