Starbucks Hires Chipotle CEO and Shares Surge

<p>Starbucks has poached Chipotle&&num;8217&semi;s Brian Niccol as its new chairman and chief executive officer&period; Niccol will start in his new role on September 9&comma; 2024&period; Starbucks chief financial officer&comma; Rachel Ruggeri&comma; will serve as interim ceo until that time&period; Mellody Hobson&comma; Starbucks board chair&comma; will become lead independent director&period;<&sol;p>&NewLine;<p>Shares in Starbucks were up more than 20&percnt; on the news&period;<&sol;p>&NewLine;<p>Niccol currently serves as Chairman and CEO of Chipotle&period; Since becoming CEO in 2018&comma; Niccol has transformed Chipotle&period; His focus on people and culture&comma; brand&comma; menu innovation&comma; operational excellence&comma; and digital transformation have set new standards in the industry and driven significant growth and value creation&period; Revenue has nearly doubled&comma; profits have increased nearly sevenfold&comma; and the stock price has increased by nearly 800&percnt; during his leadership&comma; all while increasing wages for retail team members&comma; expanding benefits&comma; and strengthening the culture&period; <&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We are thrilled to welcome Brian to Starbucks&period; His phenomenal career speaks for itself&period; Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth&period; Like all of us at Starbucks&comma; he understands that a remarkable customer experience is rooted in an exceptional partner experience&comma;” said Hobson&period; &OpenCurlyDoubleQuote;Our board believes he will be a transformative leader for our company&comma; our people&comma; and everyone we serve around the world&period;” <&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company&comma; alongside hundreds of thousands of devoted partners&comma;” said Niccol&period; &OpenCurlyDoubleQuote;I have long-admired Starbucks iconic brand&comma; unique culture and commitment to enhancing human connections around the globe&period; As I embark upon this journey&comma; I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners&comma; while staying true to our mission and values&period;” <&sol;p>&NewLine;<p>Laxman Narasimhan is stepping down from his role as ceo and as a member of the Starbucks board immediately&period; He was hired in 2023&period; <&sol;p>&NewLine;<p><&excl;-- TradingView Widget BEGIN --><&sol;p>&NewLine;<div class&equals;"tradingview-widget-container">&NewLine;<div class&equals;"tradingview-widget-container&lowbar;&lowbar;widget"><&sol;div>&NewLine;<div class&equals;"tradingview-widget-copyright"><a href&equals;"https&colon;&sol;&sol;www&period;tradingview&period;com&sol;" rel&equals;"noopener nofollow" target&equals;"&lowbar;blank"><span class&equals;"blue-text">Track all markets on TradingView<&sol;span><&sol;a><&sol;div>&NewLine;<p> <script type&equals;"text&sol;javascript" src&equals;"https&colon;&sol;&sol;s3&period;tradingview&period;com&sol;external-embedding&sol;embed-widget-symbol-info&period;js" async>&NewLine; &lbrace;&NewLine; "symbol"&colon; "NASDAQ&colon;SBUX"&comma;&NewLine; "width"&colon; 550&comma;&NewLine; "locale"&colon; "en"&comma;&NewLine; "colorTheme"&colon; "light"&comma;&NewLine; "isTransparent"&colon; false&NewLine;&rcub;&NewLine; <&sol;script>&NewLine;<&sol;div>&NewLine;<p><&excl;-- TradingView Widget END --><&sol;p>&NewLine;