Who is Steve Ells and what is his net worth 2018? The founder of the billion dollar American fast casual restaurants chain Chipotle Mexican Grills, Steve Ells, was born on September 12, 1966. With Ells as the CEO, Chipotle Mexican Grills is spread over the USA, Canada, England, Germany, and France in a total of 2250 locations. Ells was named as America’s Most Inspiring CEO in the year 2012.
Born to a pharmaceutical executive father in Indianapolis, Steve Ells studied at the Boulder High School. He acquired a Bachelors’ degree in Art History at the University of Colorado, Boulder and became a part of the international Greek letter social college fraternity, Delta Chi. As a kid, Ells was a close follower of the critically acclaimed chef and television personality, Julia Child, and used to ask his mother for cooking tips.
Still Ells unaware of his immense passion for cooking, Ells continued to host small dinner parties throughout high school and college. It was only after a friend of Ells’ appreciated his cooking at a dinner party and motivated him to become a chef that he enrolled into the Culinary Institute of American in Hyde Park, New York.
Having graduated from the institute, Ells moved to San Francisco to work as a sous chef under Jeremiah Tower at the Stars restaurant. He got the idea of Chipotle from a local taqueria where he witnessed a large number of customers consistently coming in. After acquiring a 2-year work experience and a bunch of business ideas, Ells opened the first Chipotle Mexican Grill in Denver, Colorado in the summer of ’93.
Using an $85,000 loan from his father, Steve opened the then burrito shop in a former Dolly Madison Ice Cream Store. Within a month’s time, the restaurant turned profitable with an average sales rate of 1000 burritos per day. Two more stores were opened following the Colorado chain’s successful run in the year 1995.
It was at this point when Ells dropped his former idea of opening a fine dining restaurant from the revenue of Chipotle and decided to instead focus on the growth of Chipotle Mexican Grill. After Ells’ father invested a hefty $1.5 million, Steve formed a board of directors’ panel and raised another million dollars for Chipotle’s future growth.
After a successful period of serving in Colorado, Chipotle’s first outside restaurant was opened in Kansas City in the fall of ‘98 followed by its first restaurant in Minneapolis situated near the University of Minnesota in early 1999. With things really taking off, the restaurant industry giants, McDonald’s approached Ells for an initial minor investment in 1998 which was quadrupled by the year 2001 with McDonald’s being the major stakeholder of Chipotle’s shares.
One of Chipotle’s peak moments of being on the stock market came in the year 2006 when Ells decided to offer an IPO with a doubled price during the pre-IPO offer season, which resulted in an exact 100% rise in its stocks, making it the best US-based IPO in six years.
Ranked third in the fastest growing restaurant chains in the world, Chipotle was deemed the best Mexican fast-food chain by the Consumer Report magazine in 2011.
Being the CEO and founder of one of America’s biggest restaurant chains, Ells was awarded Cornell’s Hospitality Innovator Award in the year 2013. Steve was also named America’s Most Inspiring CEO in 2012.
Steve Ells Net Worth
The CEO of the globally expanded restaurant chain Chipotle Mexican Grill, Steve Ells, has an estimated net worth of $230 Million.
Rightly labeled as the most inspiring CEO, Steve Wells continues to excel with his astounding visionary approach for the great Chipotle Mexican Grill.