Starbucks CEO Stepping Down After a Year
Brian Niccol, CEO of Chipotle, to Take Over
Niccol has been with Chipotle since 2018
Starbucks Corporation announced on Tuesday that its CEO, Laxman Narasimhan, is stepping down after just over a year in the role. Brian Niccol, the current chairman and CEO of Chipotle Mexican Grill, has been appointed as his replacement.
Niccol has held the top position at Chipotle since 2018 and is credited with leading the company through a period of significant growth and innovation. He is known for his customer-centric approach and his focus on developing and implementing successful marketing campaigns.
Starbucks expressed its confidence in Niccol's ability to lead the company during its next phase of growth and transformation. The company faces challenges such as declining sales in China and rising labor costs, but it is also exploring new revenue streams such as its coffee subscription service and its partnership with Amazon.
Niccol's appointment is effective June 1, 2023, and he will work closely with Narasimhan during the transition. Narasimhan's departure from Starbucks marks the end of a short but eventful tenure, and the company now looks to Niccol to guide it through the challenges and opportunities that lie ahead.
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