Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian Niccol
Publishing timestamp: 2024-08-13 12:07:16
Summary
Chipotle CEO Brian Niccol will take over as CEO of Starbucks on Sept. 9, replacing Laxman Narasimhan. Starbucks' stock soared 24.5% on the news, while Chipotle's fell over 10%. Narasimhan's departure is effective immediately, and Starbucks CFO will serve as interim CEO until Niccol officially assumes the role. The move comes after Starbucks' struggles in its two largest markets, the U.S. and China. Activist investors Elliott Management and Starboard Value have shown support for Niccol's appointment. Niccol has a successful track record at Chipotle, leading the chain through a rebound and pandemic. Starbucks' board had been considering replacing Narasimhan for months and believes Niccol is the right leader for the company at this moment.
Sentiment: MIXED
Keywords: restaurants, breaking news: business, retail industry, howard schultz, yum! brands inc, laxman narasimhan, starbucks corp, business news, chipotle mexican grill inc, brian niccol,