Chipotle Mexican Grill (CMG) shares rose Wednesday, Nov. 29, after the company announced that it has begun searching for a new CEO.

Shares were halted in premarket trading but jumped soon after they began trading. The stock gained 4.4% early Wednesday. 

Current Chairman, CEO and founder Steve Ells will become an executive chairman at the company. 

Chipotle, which has been struggling to turn around following multiple food safety issues, closed Tuesday's trading session up more than 4%. Over the last two years, the stock has declined more than 50%. 

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