New York Post
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Starbucks hires Chipotle boss Brian Niccol as next CEO as pressure from activist investors grows
Posted
August 14, 2024
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1:29Now PlayingStarbucks said Tuesday it is replacing embattled CEO Laxman Narasimhan with Chipotle boss Brian Niccol — a surprise move that comes after months of slowing sales and growing heat from activist hedge funds. NY Post Business Reporter Taylor Herzlich shares this story.
The company said Niccol — who has been widely praised for a turnaround at Chipotle that has boosted the burrito chain’s stock by more than 50% over the past year — will assume the executive position on Sept. 9.
Narasimhan will be stepping down from his CEO and board director positions immediately. Starbucks chief financial officer Rachel Ruggeri will serve as interim CEO until Niccol starts.
Starbucks shares jumped 25% to $95.90 on the news, a record percentage increase, while Chipotle shares dropped 7.5% to $51.68.
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