Chipotle CEO Brian Niccol to take the reins at Starbucks

(Sharecast News) - Starbucks announced the appointment of Brian Niccol as its new chairman and chief executive officer on Tuesday, effective 9 September. The coffee giant said Niccol, who currently serves as chairman and CEO of Chipotle, would succeed Laxman Narasimhan, who had stepped down from his role as CEO and as a member of the Starbucks board with immediate effect.

During the transition period, chief financial officer Rachel Ruggeri would serve as interim CEO.

Additionally, Mellody Hobson, who currently serves as Starbucks board chair, would take on the role of lead independent director.

Starbucks said Niccol would bring a "wealth of experience" and a proven track record of success to the company.

At Chipotle, where he had been CEO since 2018, Niccol led a transformation focussed on enhancing the company's people and culture, driving brand and menu innovation, and spearheading operational excellence and digital transformation.

Under his leadership, Chipotle saw its revenue nearly double, profits increase nearly sevenfold, and its stock price rise by almost 800%.

Niccol's leadership also included initiatives to increase wages for retail team members, expand benefits, and strengthen the company's culture.

Niccol also serves on the board of directors of Walmart and previously held board positions with KB Home and Harley-Davidson.

He holds an undergraduate degree from Miami University and an MBA from the University of Chicago Booth School of Business.

"We are thrilled to welcome Brian to Starbucks - his phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth," said board chair Mellody Hobson.

"Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience.

"Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world."

At 0835 EDT (1335 BST), shares in Starbucks Corporation were up 14.66% in premarket trading in New York at $88.32.

Reporting by Josh White for Sharecast.com.