Mumbai:
Starbucks Corp., a coffee chain company struggling with weak demand and dissatisfied investors, has announced its new CEO and chairman. Brian Niccol, Chief Executive Officer of Chipotle Mexican Grill Inc., has been appointed as the new CEO and chairman of the company. Chipotle Mexican Grill Company operates restaurants in the US and the United Kingdom. Brian Niccol will replace Laxman Narasimhan at Starbucks. The company said in a statement that Brian Niccol will take over the new responsibilities on September 9. Until then, the Chief Financial Officer will look after the responsibilities of the company.
Lakshman Narasimhan, around 55 years old, has worked in high positions in Infamil Baby, PepsiCo and Reckitt Benckiser Group PLC in UK before joining Starbucks. Narasimhan took over the responsibility of CEO just a year ago. Before that Howard Schultz used to be the CEO of the company.
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Starbucks, a nearly 50-year-old coffee company, has more than 34,000 stores worldwide. After this announcement, Starbucks’ shares jumped more than 15% before the market opened on Tuesday, while Chipotle’s shares fell by 8.3%. The coffee chain company’s leadership has changed suddenly after its active investors Elliott Investment Management and Starboard Value reportedly acquired a stake in the company. Its shares have fallen by 20% this year after a significant decline in the company’s share sales in the last two quarters.
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Mellody Hobson further says, “The board takes full responsibility for Starbucks’ shortcomings. We want to work quickly to fix the business.” She said, “We are not spending wastefully. We understand what we have to do. We are doing our job.”
Hobson, Starbucks’ sixth-largest shareholder, has issued a statement of support for the new CEO. Hobson said that Brian Niccol understands wealth creation and wealth generation very well. His experience can prove to be a record for promoting innovation.
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Brian Niccol joined Chipotle in March 2018 as Chief Executive Officer and Director. He was made Chairman of the Board in March 2020. Before joining Chipotle, Niccol served as Chief Executive Officer of Taco Bell. He also played the role of Chief Marketing Officer and Innovation Officer. Niccol started his career in brand management at Procter & Gamble. Niccol is a graduate of Miami University. He also has an MBA degree from the University of Chicago’s Booth School of Business.
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