Chipotle's Brian Niccol To Take Over Reigns Of Starbucks From Laxman Narasimhan
Laxman Narasimhan to step down from his current position of Starbuck's CEO "with immediate effect," said the company in a statement
On Tuesday, Starbucks announced that Brian Niccol, the CEO of Chipotle, will become the company's next CEO, replacing Laxman Narasimhan, who has held the position for more than a year.
Since 2018, Niccol has led Chipotle as its CEO. His work at Chipotle had "driven significant growth and value creation," the business said in announcing his appointment as Starbucks' next CEO. It cited nearly quadrupled revenue and rising earnings.
“With immediate effect,” Narasimhan resigns from his position as CEO and from the Starbucks board, the firm announced in a statement.
The changes in leadership occur as Starbucks works to improve its company's performance despite facing widespread sales decreases in its most recent financial reports.
According to the announcement, Narasimhan improved retail operations and pushed supply chain innovation for the brand during his time there.
Starbucks has attributed its problems to challenging business conditions in China as well as waning consumer sentiment. "Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth," the company's announcement of the leadership changes was made by Mellody Hobson, chair of the Starbucks board.
