Brian Niccol steps in as CEO of Starbucks on Monday, taking over as the coffee giant’s sales slump and stock price falls.
Starbucks tapped Niccol in August to take over from Laxman Narasimhan, who held the position since March 2023. Niccol had served as chief executive of Chipotle Mexican Grill since 2018, turning around the fast-casual chain after a series of foodborne illness outbreaks and leading it through the pandemic. Before Chipotle, Niccol was CEO of Taco Bell, which Yum Brands owns.
On the day that Starbucks announced Niccol’s appointment, shares of the coffee giant soared more than 24%, the best day ever for the stock. Wall Street analysts also cheered the news, calling him a “dream hire” and a “hall of fame restaurant CEO.”
“Brian deeply understands brands, operations and innovation, and has an enduring commitment to supporting the retail teams who serve customers in store. We look forward to the fresh ideas that Brian will bring to our business,” a Starbucks spokesperson …