Starbucks’ CEO is out. Chipotle’s Brian Niccol is taking over
CNN
Starbucks CEO Laxman Narasimhan is stepping down immediately after just a year in the role, the company announced Tuesday.
The Starbucks CEO revolving door keeps spinning as the company struggles with sinking sales. Laxman Narasimhan is stepping down immediately after just a year in the role, the company announced Tuesday. The struggling coffee chain has tapped Chipotle CEO and corporate fix-it man Brian Niccol to be its new chairman and CEO, effective September 9. Niccol, who will be Starbucks’ fourth CEO in just two years, has been leading the Mexican-inspired food chain since 2018. Starbucks said he has set “new standards in the industry and driven significant growth and value creation,” pointing to its revenue growing nearly 800% during his tenure. “Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth,” said Mellody Hobson, Starbucks’ new lead independent director, in a release. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.” Starbucks’ (SBUX) stock soared nearly 19% at the open, while Chipotle’s (CMG) dipped 9%. Tuesday’s announcement has almost wiped away Starbuck’s year-to-date stock losses. Narasimhan, who is also leaving the board, took over Starbucks in March 2023 and has seen the coffee chain largely struggle under his purview. Most recently, the chain’s sales dropped 3% globally at stores open for at least a year, including a 2% drop in its home North America market.
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