Starbucks annual financial reports

Starbucks Appoints Brian Niccol as CEO, Stock Rises 23%, Market Cap Up $27 Billion

Aug 15, 2024, 05:57 AM

Starbucks has appointed Brian Niccol, former CEO of Chipotle, as its new CEO, replacing Laxman Narasimhan. This leadership change has led to a significant rise in Starbucks' stock market value, increasing by approximately $27 billion, with a 23% rise in stock value. Brian Niccol, who has a history of turning around companies, is expected to address challenges such as declining sales in China and reinvigorating the brand globally. Niccol's compensation package could exceed $113 million, and he will operate from a remote office in Newport Beach, California, rather than relocating to Seattle. Analysts have responded positively to the appointment, with several upgrading their ratings for Starbucks stock, with 9 out of 10 analysts rating it a Buy. The stock price surge was calculated using the stock price on August 9, 2024.