Starbucks replaces CEO Laxman Narasimhan with Chipotle’s Brian Niccol

Starbucks is replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, who oversaw huge growth at the fast-casual food chain.

Starbucks is replacing its CEO with the head of Chipotle to lead the coffeeshop chain, as it seeks to revive flagging sales and appease outside investors.

Starbucks announced Tuesday morning that Brian Niccol, who has led the burrito chain since 2018, will take over the coffee giant starting next month.

Laxman Narasimhan, who took over as Starbucks CEO in March 2023, is exiting the company.

Shares of Starbucks jumped 20% in early trading, while Chipotle shares fell more than 10%.

The coffee giant has struggled this year, hurt by weak sales in the U.S. and China. It had also faced increasing customer complaints about declining service quality and rising prices. The company had recently come under pressure from so-called activist investors who’d purchased large stakes in order to force changes. Starbucks shares were down nearly 20% in 2024 as of Monday's market close.

https://www.nbcnews.com/business/business-news/starbucks-ceo-just-year-sales-struggles-rcna166354

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