The CFO Backstory in the Starbucks-Chipotle Merger Rumors

Former Chipotle CEO Brian Niccol’s move to Starbucks put Chipotle’s CFO succession plan through the blender in 2024. 

Two years later, multiple reports that the coffee giant explored buying the burrito chain suggest that if a deal were to happen, Chipotle’s finance team could find itself back under a familiar boss.

Starbucks had worked with advisors in recent months on a potential takeover, the Financial Times reported. Starbucks has since denied any intentions of a purchase and Chipotle has chosen to not comment entirely, but the prospect gives Chipotle’s finance leadership history fresh relevance.

A Retirement on the Back Burner

The backstory is a succession plan that didn’t exactly work out as intended. Niccol left shortly after Chipotle announced how it would replace Jack Hartung, the only CFO it had ever had, forcing an earlier handoff to his successors while the 22-year veteran postponed retirement to help manage the transition.

Hartung was supposed to retire in March 2025, with then-Vice President of Finance Adam Rymer stepping into the role. Meanwhile, Jamie McConnell, who was vice president and controller at the time, would also take on some of Hartung’s responsibilities and become the company’s first chief accounting and administrative officer.

But just over a month after Hartung’s succession plan was publicized in 2024, Starbucks announced Niccol would become chairman and CEO in September of that year. Suddenly, Chipotle, a company whose leadership team’s strength was longevity, was managing an unexpected CEO departure while preparing to replace its finance chief for the first time.

• As a result, Hartung postponed retirement and agreed to stay on in broader roles, including president and chief strategy officer. 
• Meanwhile, Rymer’s and McConnell’s start dates were pushed up.

The shake-up and subsequent promotions also prompted Chipotle to develop succession plans for all its executives. Having a CFO successor ready helped, but the company still had to redraw its leadership arrangements before the scheduled transition began.

Eventually, Hartung was able to step down from his multiple roles and remained as a senior advisor until retiring this March, nearly a year after his original target date.

A Second Helping of CFO Moves

At Starbucks, CFO Rachel Ruggeri served as interim CEO before Niccol arrived. In March 2025, the company announced Cathy Smith would leave Nordstrom to replace her as CFO during its “Back to Starbucks” campaign. Ruggeri’s departure came about six months after Niccol took over, adding the CFO seat to one of the many leadership changes made during his turnaround effort. 

Greener Opportunities: Chipotle’s rebuilt leadership team, which included Scott Boatwright’s promotion to permanent CEO on Nov. 11, 2024, changed again the following September. Salad chain Sweetgreen announced it had hired McConnell, a seven-year veteran of Chipotle, as CFO on Sept. 4, 2025, with her tenure beginning Sept. 22, less than a year after her accelerated promotion.