Business

Starbucks Appoints Chipotle CEO Brian Niccol as New Chief

Aug 13, 2024 1 min read

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Starbucks has announced that Brian Niccol, the current CEO of Chipotle Mexican Grill, will take over as its new CEO, replacing Laxman Narasimhan. The decision follows a period of weak sales and pressure from activist investor Elliott Investment Management. Narasimhan, who had been in the role for less than a year, will step down immediately. In the interim, CFO Rachel Ruggeri will serve as CEO until Niccol officially starts on September 9.

The change in leadership comes as Starbucks faces challenges including competition from lower-cost competitors in China and boycotts due to its perceived support for Israel. Despite these issues, Starbucks shares rose by 10% in premarket trading following the announcement. In a parallel move, Chipotle has named its Chief Operating Officer, Scott Boatwright, as its new CEO.

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