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Starbucks appoints Chipotle chief Brian Niccol as new CEO
(MENAFN) NEW YORK — Starbucks announced on Tuesday that Brian Niccol, the current CEO of Chipotle Mexican Grill, will take over as the new chief executive officer of the coffee giant. This transition comes just over a year after Laxman Narasimhan assumed the role of CEO.
Narasimhan, who has been at the helm of Starbucks since March 2023, is stepping down immediately from both his position as CEO and his role on the company’s board. This sudden leadership change aligns with Starbucks' ongoing efforts to address and rectify recent business challenges, including a notable decline in sales.
In its statement, Starbucks highlighted Niccol’s successful tenure at Chipotle, where he has been the CEO since 2018. Under his leadership, Chipotle experienced substantial growth, with revenue nearly doubling and significant increases in profit. Starbucks board chair Mellody Hobson praised Niccol as a "culture carrier" with extensive experience and a proven ability to drive innovation and growth, which the company hopes will translate into a revitalization of its business.
Starbucks has been grappling with declining consumer sentiment and challenging market conditions, particularly in China, which have adversely affected its financial performance. The appointment of Niccol is seen as a strategic move to navigate these difficulties and rejuvenate the company’s fortunes.
Narasimhan, who previously worked with PepsiCo and other consumer brands, took over from Howard Schultz, who served as interim CEO and was a long-time leader of Starbucks. The leadership shift underscores Starbucks’ commitment to revitalizing its operations and addressing the pressing issues impacting its performance.
Narasimhan, who has been at the helm of Starbucks since March 2023, is stepping down immediately from both his position as CEO and his role on the company’s board. This sudden leadership change aligns with Starbucks' ongoing efforts to address and rectify recent business challenges, including a notable decline in sales.
In its statement, Starbucks highlighted Niccol’s successful tenure at Chipotle, where he has been the CEO since 2018. Under his leadership, Chipotle experienced substantial growth, with revenue nearly doubling and significant increases in profit. Starbucks board chair Mellody Hobson praised Niccol as a "culture carrier" with extensive experience and a proven ability to drive innovation and growth, which the company hopes will translate into a revitalization of its business.
Starbucks has been grappling with declining consumer sentiment and challenging market conditions, particularly in China, which have adversely affected its financial performance. The appointment of Niccol is seen as a strategic move to navigate these difficulties and rejuvenate the company’s fortunes.
Narasimhan, who previously worked with PepsiCo and other consumer brands, took over from Howard Schultz, who served as interim CEO and was a long-time leader of Starbucks. The leadership shift underscores Starbucks’ commitment to revitalizing its operations and addressing the pressing issues impacting its performance.
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