Starbucks has swiftly replaced CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, effective September 9. This leadership change follows Starbucks' recent struggles with declining sales in its key U.S. and China markets.
Narasimhan, who took the helm in March 2023, faced challenges, leading to a 21% drop in Starbucks' stock. The move, supported by activist investors like Elliott Management, aims to revive the brand. Niccol’s proven success at Chipotle is expected to steer Starbucks toward a stronger future.