Chipotle's shares rose Tuesday as investors digested the news that the fast-casual chain had formally named Scott Boatwright its CEO.

Chipotle Mexican Grill, Inc. announced Monday that Scott Boatwright, who served as interim CEO since August, will permanently lead the fast-casual restaurant chain with a compensation package valued less than half of his predecessor's pay.

By Juveria Tabassum (Reuters) -Chipotle Mexican Grill on Monday named interim boss Scott Boatwright as permanent CEO of the burrito chain in a widely expected move, months after Brian Niccol exited the role to take the top job at Starbucks.

Chipotle is in the middle of a leadership shift after the former CEO vacated the position, allowing Scott Boatwright to take on the role permanently.

Boatwright previously served as the company's interim CEO and chief operating officer from 2017 to the present.

Chipotle Mexican Grill has dropped “interim” from chief executive officer Scott Boatwright’s title, today announcing that after a “robust and thorough process,” he will take over the top spot, as well as a position on the board, effective immediately.

Chipotle Mexican Grill’s board of directors officially appointed Scott Boatwright as chief executive officer on Monday. Boatwright had been serving in an interim role following the abrupt departure of former CEO Brian Niccol,

Chipotle’s new chief executive is Scott Boatwright, a familiar face and name, given that he’s served as the interim CEO since August following former CEO Brian Niccol’s surprise decision to lead a turnaround at Starbucks.

Chipotle Mexican Grille has appointed Scott Boatwright as its permanent CEO, to contribute to the company's strategy and growth.