(Telestock) – Starbucksthe iconic American coffee chain, has announced that Brian Niccol has been named chairman and chief executive officer. Niccol will begin his new role on September 9, 2024. Chief Financial Officer Rachel Ruggeri will serve as interim CEO until that time. Board Chair Mellody Hobson will become lead independent director.
Nicholas is currently Chairman and CEO of Chipotle. Since becoming CEO in 2018, Niccol has transformed Chipotle: Revenue has nearly doubled, earnings have increased nearly sevenfold, and the stock price has increased nearly 800% during his leadership, all while raising salaries for retail team members, expanding benefits, and strengthening the culture.
Laxman Narasimhan, who was appointed to lead the company in September 2022, is stepping down from his role as CEO and a member of the Starbucks board of directors, effective immediately.
Before joining ChipotleNiccol was CEO of Taco Bell. Prior to becoming CEO, he held roles including Chief Marketing and Innovation Officer and President. He has also held executive roles at Pizza Hutanother division of Yum! Brands. He began his career in brand management at Procter & Gamble. Niccol currently serves on the board of directors of Walmart.
“Having followed Brian’s leadership and transformation journey at Chipotle, I have long admired his leadership impact,” said Howard Schultzfounder and chairman emeritus of Starbucks – His retail excellence and proven track record of delivering extraordinary shareholder value recognize the critical human element needed to lead a culture- and values-driven enterprise. I think he is the leader Starbucks needs. at a crucial moment in its history.”