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Laxman Narasimhan steps down as Starbucks global CEO
Brian Niccol will join Starbucks on September 9, 2024 as the new CEO. Laxman Narasimhan is stepping down as CEO and as a director effective immediately. Rachel Ruggeri will serve as interim CEO.
In an abrupt leadership shake-up, on August 13 Starbucks announced that Chipotle chief executive Brian Niccol has been appointed chairman and chief executive officer of the global coffee company. Niccol replaces Laxman Narasimhan who is stepping down as CEO and as a director effective immediately.
"During his tenure, he improved the Starbucks partner experience, drove significant innovation in our supply chain, and enhanced our store operations," the company said in a statement.
Starbucks had announced in September 2022 that former Reckitt boss Narasimhan would become the CEO, succeeding Howard Schultz.
“On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand,” said Mellody Hobson, Starbucks board chair. “In the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners. We all wish him the very best and know he will do great things in the future.”
Niccol will start in his new role on September 9, 2024. Starbucks chief financial officer, Rachel Ruggeri, will serve as interim CEO until that time. Mellody Hobson, Starbucks board chair, will become lead independent director.
Niccol currently serves as Chairman and CEO of Chipotle. Since becoming CEO in 2018, Niccol has transformed Chipotle. Hobson said, “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”
In May 2024, Starbucks had to cut guidance for a third straight quarter and posted the first sales decline since late 2020, as per reports. Reports also stated Starbucks was considering setting up committees to review capital allocation and operational improvements.
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