Starbucks Appoints Chipotle CEO Brian Niccol As Its New Chief Executive
Starbucks names Brian Niccol as its new CEO, replacing Laxman Narasimhan. Until Niccol starts on Sept. 9, CFO Rachel Ruggeri will be the interim CEO.
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Starbucks is making a big change. On Tuesday, the coffee giant said that Brian Niccol, who runs Chipotle Mexican Grill, will take over as chairman and CEO. This comes as Starbucks faces pressure from Elliott Investment Management, a major investor pushing for better results and a higher stock price.
Laxman Narasimhan, who has led Starbucks since September 2022, is leaving immediately. Starbucks is acting quickly to fill his spot. Niccol will officially start on September 9. Until then, Rachel Ruggeri, Starbucks' Chief Financial Officer, will be the interim CEO.
At Chipotle, there is also a change. With Niccol leaving, the board has named Scott Boatwright, the company’s Chief Operating Officer, as interim CEO. This move keeps things steady at Chipotle.
The market reacted fast. Starbucks shares rose by 10% in premarket trading, showing trust in Niccol's leadership. Meanwhile, Chipotle’s stock fell by 8% as it prepares for its new leader.
This leadership shift is a key moment for both companies. Starbucks hopes Niccol's success at Chipotle will bring new energy and ideas. With these changes, Starbucks aims to boost its position in the coffee market and win back investor confidence.