Starbucks Corporation (NASDAQ: SBUX) has announced the appointment of Brian Niccol as its new chairman and CEO, effective September 9, 2024.
Niccol, currently leading Chipotle Mexican Grill, will succeed Laxman Narasimhan, who steps down immediately.
Rachel Ruggeri, Starbucks’ CFO, will act as interim CEO until Niccol's arrival, while Mellody Hobson, the current board chair, will transition to lead independent director.
Niccol brings significant experience in the food and beverage industry, having driven remarkable growth at Chipotle.
Under his leadership since 2018, Chipotle’s revenue nearly doubled, profits increased sevenfold, and the stock price surged by almost 800%.
His previous roles include leadership positions at Taco Bell, Pizza Hut, and Yum! Brands, along with brand management at Procter & Gamble.
Niccol holds an MBA from the University of Chicago Booth School of Business and serves on Walmart’s board of directors.
As Starbucks undergoes this leadership transition, the company also faces pressure from activist investors.
Starboard Value has recently taken a stake in Starbucks, joining Elliott Investment Management as significant shareholders.
Both firms are likely to push for strategies to boost Starbucks' stock price and overall performance, given the company's recent challenges.
Starbucks is grappling with weak demand in the U.S. and a significant 14% decline in same-store sales in China.
Over the past year, Starbucks stock has fallen by 23%, underperforming the broader market, with a year-to-date decline of 18.67%.
Despite the challenges, Niccol’s appointment has been positively received by investors.
In pre-market trading on Tuesday, Starbucks stock surged 18.87%, reaching $92.90, up from the previous close of $77.03.
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