New York, Aug 14 2024-
Starbucks has said that Brian Niccol, chief executive at Chipotle, would be the coffee chain’s new CEO — just over a year after current boss Laxman Narasimhan took over the role.
Narasimhan steps down as chief executive and as a member of the Starbucks board “with immediate effect,” said the company on Tuesday in a statement.
The leadership shifts come as Starbucks pushes to turn around its business, while contending with broad-based sales declines in its most recent financial results.
Starbucks has cited weakening consumer sentiment and difficult market conditions in China as factors in its troubles.
“Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth,” said Starbucks board chair Mellody Hobson in a statement as the comapny announced the leadership changes.
Niccol has served as Chipotle’s CEO since 2018.
In naming him Starbucks’ new CEO, the company noted that his work at Chipotle had “driven significant growth and value creation,” citing revenue that has nearly doubled and rising profit.
Narasimhan, a veteran of PepsiCo and other consumer brands, had taken over the top spot in 2023 after a period working with longtime Starbucks CEO and interim boss Howard Schultz.
The statement noted that Narasimhan, during his tenure, drove innovation in the brand’s supply chains and boosted its store operations.
Niccol will start in his new role on September 9, with Starbucks chief financial officer Rachel Ruggeri serving as interim CEO until then. (Agency)
