Starbucks taps Chipotle CEO Brian Niccol as its new chief executive

Starbucks named Chipotle CEO Brian Niccol as its new chief executive, a move that comes as the coffee chain contends with activist investors, stagnant sales and a sinking stock price. 

Starbucks said on Tuesday that Niccol will start in his new role on September 9. The company's chief financial officer, Rachel Ruggeri, will serve as interim CEO until that date, while Mellody Hobson, the board chair, will become Starbucks' lead independent director. 

The company said current CEO Laxman Narasimhan is stepping down immediately.