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

Boatwright, a company veteran who was given the job on an interim basis when Brian Niccol left to lead Starbucks (SBUX) in August, was officially appointed yesterday. Some Wall Street analysts had called for him to get the job full-time, and traders appeared enthusiastic about his elevation: Chipotle's (CMG) shares were recently trading around $60, up 1.1% as broader markets moved in the other direction.

The appointment wasn't a massive surprise, but it does remove some degree of overhang. "We conducted a thorough and rigorous external search process that confirmed Scott is absolutely the best person to lead the next stage of growth at Chipotle," Chipotle Chairman Scott Maw said.

During his first earnings call as CEO, held last month, Boatwright said same-store sales growth is expected to land in the mid- to high-single digit range for 2024. That projection was less optimistic than analysts' prior estimates. Still, revenue increased 13% and same-store sales grew 6% in the third quarter. Some quick-service restaurants saw more sluggish sales, and foot traffic ticked up less — about 0.2% year-over-year — industry-wide, according to Placer.ai, which tracks visits.

The burrito business credited Boatwright with integrating technology into its restaurants and improving customers' experience. He started at the company in 2017 as chief restaurant officer.

"I am passionate about our menu and energized by our people, and believe that I, along with our esteemed bench of tenured leaders, will deliver on our priorities and achieve our long-term growth goals," Boatwright said.

Chipotle's stock has jumped more than 30% since the beginning of the year.