Starbucks appointed Brian Niccol as its new CEO and Chairman, replacing Laxman Narasimhan who had only been in the role since March 2023. Analysts believe he is well-suited for the Starbucks role, having previously turned around Chipotle's business. Starbucks stock jumped 20% on the announcement, while Chipotle stock fell 9% as investors reacted to the leadership changes at both companies. Starbucks has struggled recently with same-store sales declines in the US as competition increases and customers cut back amid high inflation. His appointment may signal an end to the decades-long influence of former CEO Howard Schultz.
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00:00It's Benzinga, and here's what's on the block.
00:03Starbucks appointed Brian Nickell as its new CEO and chairman, replacing Laxman Narasim,
00:07who had only been in the role since March 2023.
00:11Analysts believe he is well-suited for the Starbucks role, having previously turned around
00:14Chipotle's business.
00:16Starbucks stock jumped 20% on the announcement, while Chipotle stock fell 9% as investors
00:21reacted to the leadership changes at both companies.
00:24Starbucks has struggled recently with same-store sales declines in the U.S. as competition
00:28increases and customers cut back amid high inflation.
00:32His appointment may signal an end to the decades-long influence of former CEO Howard Schultz.
00:37For all things money, visit Benzinga.com.