Seattle Culture
Starbucks Names Chipotle Boss as New CEO
Brian Niccol replaces Laxman Narasimhan
By Rob Smith August 13, 2024
Starbucks Corp. hopes Brian Niccol can do for the coffee giant what he did for Chipotle’s Mexican Grill.
Starbucks has named Niccol, the current chairman and CEO of fast-casual chain Chipotle, its new CEO. He replaces Laxman Narasimhan, a former PepsiCo executive who never quite found his footing since being named CEO last year.
Niccol upgraded Chipotle’s technology and supply chain during his six years as CEO, and the chain plans to double its number of restaurants to 7,000 in coming years. Annual revenue grew 14.3% in 2023, and profits have risen nearly seven-fold. Chipotle’s stock price is up nearly 800% during Niccol’s tenure.
“I have long-admired Starbucks’ iconic brand, unique culture and commitment to enhancing human connections around the globe,” Niccol said. “I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience.”
Narasimhan, who is also stepping down from the Starbucks board of directors, had faced criticism over Starbucks’ recent financial performance. The company failed to meet Wall Street expectations on both earnings per share and revenue the past three quarters, and former CEO Howard Schultz even posted a highly critical missive on LinkedIn several months ago. The company has also grappled with numerous labor disputes: Since 2021, more than 460 Starbucks stores in 44 states and the District of Columbia have joined Starbucks Workers United.
Schultz praised the change, saying it comes at a “pivotal moment” in company history.
His retail excellence and track record in delivering extraordinary shareholder value recognizes the critical human element it takes to lead a culture and values driven enterprise,” Schultz said of Niccol. “I believe he is the leader Starbucks needs.”
Rachel Ruggeri, who has served as Starbucks’ executive vice president and CFO since 2021, has been named interim CEO.
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