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Starbucks Names Chipotle's Brian Niccol as CEO; Shares Surge 20% After Narasimhan's Exit

Aug 13, 2024, 12:45 PM

Starbucks has appointed Brian Niccol, the current CEO of Chipotle Mexican Grill, as its new Chairman and Chief Executive Officer, effective September 9, 2024. This decision comes as Starbucks faces pressure from activist investors, including Elliott Investment Management, and aims to address weak sales and investor concerns. Niccol, who has been with Chipotle since 2018, is credited with significantly increasing the company's revenue and stock price. The appointment follows the immediate resignation of Laxman Narasimhan, who had been CEO for just over a year. Starbucks' shares surged over 20% following the announcement, while Chipotle's shares fell by 13%. Mellody Hobson will become the lead independent director, and Rachel Ruggeri, Starbucks' CFO, will serve as interim CEO until Niccol assumes the role.