Unexpectedly, the beleaguered international coffee company Starbucks revealed on Tuesday that Brian Niccol will take over as chairman and CEO, succeeding the departing Indian-origin CEO Laxman Narasimhan.
September 9 is when Chipotle’s new CEO Niccol will begin his tenure, the business revealed in a news statement. Until then, Starbucks said that Rachel Ruggeri, chief financial officer, will take over as temporary CEO. In only two years, Niccol will become Starbucks’ fourth CEO. Since 2018, the Mexican-inspired restaurant company, Chipotle has been led by Niccol.
According to the statement, Niccol has revolutionized the global fast-casual restaurant business with a focus on Mexican food since taking over as CEO of Chipotle in 2018. The statement stated, “His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation.”
According to the report, under his leadership, revenue has almost doubled, earnings have nearly quadrupled, and the stock price has soared by about 800%. Mellody Hobson, Starbucks’ new lead independent director, said, “We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,”
Niccol remarked, “I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners.” With immediate effect, Narasimhan,57, is quitting his positions as CEO and board member of Starbucks.
According to the press statement, “During his tenure, he improved the Starbucks partner experience, drove significant innovation in our supply chain, and enhanced our store operations.” Since taking over Starbucks in March 2023, Narasimhan—also quitting the board—has watched the coffee business mostly suffer. According to CNN, the chain’s sales at locations open for at least a year have recently decreased by 3% internationally, including a 2% decline in its native North American market.