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Starbucks has appointed Brian Niccol, the former CEO of Chipotle Mexican Grill, as its next CEO.
Starbucks has appointed Brian Niccol, former CEO of Chipotle Mexican Grill, as its new CEO. The announcement led to a 24% increase in Starbucks’ shares. Niccol, known for his success in revitalizing Chipotle, replaces Laxman Narasimhan, who had a brief tenure of 18 months.
Niccol inherits several challenges at Starbucks, including pressure from activist investor Elliott Investment Management, increased competition, and weakening demand in the U.S. and China. Narasimhan’s departure comes after a period of declining stock value and difficulty in addressing these issues.
Elliott Investment Management, which holds a $2 billion stake in Starbucks, views Niccol’s appointment as a “transformational step forward.” The activist investor looks forward to continued engagement with the board to help realize Starbucks’ full potential.
Starbucks has recently adjusted its business model to focus on mobile pickup and delivery orders. While Elliott was not consulted on the leadership change, the decision has received favorable responses from other investors, including Trian Fund Management, which has since sold its position in Starbucks.
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