NEW YORK New York: Starbucks has said that Chipotle Chief Executive Brian Niccol will be the coffee chain’s new CEO – just a year after current boss Laxman Narasimhan took over. Narasimhan is stepping down as chief executive and a member of the Starbucks board “effective immediately,” the company said in a statement on Tuesday. The leadership change comes as Starbucks is trying to turn around its business, while facing a broad sales decline in its recent financial results. Starbucks has blamed weak consumer sentiment and tough market conditions in China for its troubles. “Brian is a culture bearer who brings a wealth of experience and a proven track record of driving innovation and growth,” Starbucks board chair Mellody Hobson said in a statement when the company announced the leadership change. Niccol has served as Chipotle’s CEO since 2018.
In announcing his name as Starbucks’ new CEO, the company said his work at Chipotle has “driven significant growth and value creation,” citing revenue that has nearly doubled and rising profits. Narasimhan, a veteran of PepsiCo and other consumer brands, takes over the top spot in 2023 after working with longtime Starbucks CEO and interim boss Howard Schultz. Narasimhan drove innovation across the brand’s supply chains and boosted its store operations during his tenure, the statement said. Niccol will begin his new role on September 9, until then Starbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO.
