<p>Starbucks has poached Chipotle&#8217;s Brian Niccol as its new chairman and chief executive officer. 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.</p>
<p>Shares in Starbucks were up more than 20% on the news.</p>
<p>Niccol currently serves as Chairman and CEO of Chipotle. Since becoming CEO in 2018, Niccol has transformed Chipotle. His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation. Revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800% during his leadership, all while increasing wages for retail team members, expanding benefits, and strengthening the culture. </p>
<p>“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. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,” said Hobson. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.” </p>
<p>“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” said Niccol. “I have long-admired Starbucks iconic brand, unique culture and commitment to enhancing human connections around the globe. As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values.” </p>
<p>Laxman Narasimhan is stepping down from his role as ceo and as a member of the Starbucks board immediately. He was hired in 2023. </p>
<p><!-- TradingView Widget BEGIN --></p>
<div class="tradingview-widget-container">
<div class="tradingview-widget-container__widget"></div>
<div class="tradingview-widget-copyright"><a href="https://www.tradingview.com/" rel="noopener nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a></div>
<p> <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-symbol-info.js" async>
 {
 "symbol": "NASDAQ:SBUX",
 "width": 550,
 "locale": "en",
 "colorTheme": "light",
 "isTransparent": false
}
 </script>
</div>
<p><!-- TradingView Widget END --></p>

CUPERTINO -- Apple previewed its upcoming software releases at its Worldwide Developers Conference that will…
SAN JOSE -- Super Micro Computer announced it will raise $7 billion in stock sales…
With a record 48 countries playing in more than 100 soccer matches across North America…
SAN FRANCISCO -- Supabase, an open source Postgres development platform, has announced a $500 million Series…
SAN FRANCISCO — Reactor, a developer platform for real-time generative video, has emerged from stealth with $59…
SAN FRANCISCO -- Forage, a mission-driven financial infrastructure platform, has landed a $40 million Series B…