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Search resuls for: "Narasimhan's"


20 mentions found


☆ Starbucks' turnaround relies on an executive who is no stranger to orchestrating comebacks
  + stars: | 2024-08-14 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
In today's big story, it's out with the old and in with the new CEO at Starbucks. Starbucks announced CEO Laxman Narasimhan was stepping down after less than two years on the job . Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts. In the release announcing the news , Howard Schultz, Starbucks' chairman emeritus and three-time CEO, made no mention of Narasimhan in his statement. At Starbucks, Niccol won't need to navigate a brand crisis like he did with Chipotle in the wake of its E. coli outbreak.
Persons: —, he's Benjamin Button'd, Chelsea Jia Feng, Laxman Narasimhan, Brian Niccol, it's, Grace Dean, Howard Schultz, Narasimhan, Ryan Miller, Rebecca Zisser, Alex Bitter, It's, we've, Katie Notopoulos, Tyler Le, Joe Quinlan, Berkshire Hathaway, Goldman Sachs, Greg Tuorto, Josh Edelson, Justin Sullivan, Timo Lenzen, Mercedes, unmotivated, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Service, Starbucks, Business, Elliott Management, Orange County Museum of Art, Taco Bell, Merrill, Bank of America Private Bank, Getty, BI, Benz, Mercedes, Dolce, Gabbana, Walmart, Walgreens, Cisco Systems, UBS Locations: Chelsea, Narasimhan, Mexican, Berkshire, AFP, Dubai, Miami, New York, London
☆ CNBC Daily Open: Wall Street soars; Starbucks ousts CEO
  + stars: | 2024-08-14 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street soarsWall Street rose after producer prices came in softer than expected, raising hopes of a rate cut. Starbucks ousts CEOStarbucks surprised investors by replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, driving Starbucks' stock up more than 24% while Chipotle fell as much as 10%. Under Narasimhan's tenure, Starbucks' performance has struggled, marked by weak sales in the U.S. and China, its two largest markets. The latest inflation data strengthens the market's expectations of an interest rate cut at the Fed's September meeting.
Persons: Laxman Narasimhan, Brian Niccol, Chipotle, Niccol, Richard McPhail Organizations: New York Stock Exchange, CNBC, Dow Jones Industrial, Nasdaq, Nvidia, Microsoft, Apple, Treasury, Starbucks, Google, Gemini, Federal Reserve, PPI Locations: New York City, U.S, China
☆ Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian Niccol
  + stars: | 2024-08-13 | by ( Rohan Goswami Amelia Lucas | Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com   time to read: +4 min
Starbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol as the coffee chain tries to reverse a sales slump. Before joining Starbucks, Narasimhan was chief executive of Reckitt, which owns brands like Lysol and Mucinex. Narasimhan's surprise ouster also suggests that Starbucks' board isn't interested in a deal with activist investors. When news of Elliott's stake in Starbucks first broke in July, the hedge fund offered Starbucks' board a settlement that would protect Narasimhan's job, CNBC previously reported. Starbucks' board did not initially respond or engage with Elliott for some time, driven in part by the lingering influence of Schultz.
Persons: Laxman Narasimhan, Brian Niccol, Rachel Ruggeri, Niccol, Narasimhan, Howard Schultz, Elliott, Chipotle, Mellody Hobson, shakeup, Brian, Hobson, he's, Bell, Narasimhan's, Schultz, Scott Boatwright, Jack Hartung Organizations: Starbucks, Elliott Management, Yum Brands, Bell, CNBC Locations: U.S, China, Chipotle, Pizza
☆ What went disastrously wrong in Laxman Narasimhan's 17 months as CEO of Starbucks
  + stars: | 2024-08-13 | by ( Grace Dean | ) www.businessinsider.com   time to read: +5 min
Read previewLaxman Narasimhan is stepping down as CEO of Starbucks, just 17 months after he assumed the role in March 2023, the coffee giant announced on Tuesday. Chipotle CEO Brian Niccol will take over in September, with current CFO Rachel Ruggeri serving as interim CEO until then. Narasimhan's time at the head of the company had been tainted by falling sales, union clashes, and activist investors. Its former CEO keeps attacking the companyHoward Schultz, who led Starbucks for over 23 years, is not afraid to share his views on company management. In Starbucks' press release addressing the leadership change, Schultz didn't acknowledge Narasimhan's time at the company.
Persons: —, Laxman, Chipotle, Brian Niccol, Rachel Ruggeri, Laxman Narasimhan, William Blair, Sharon Zackfia, Narasimhan, Chris O'Cull, Elliott, Paul Singer, Elliott Management, Howard Schultz, Stephen Brashear, Getty Howard Schultz, Schultz, Schultz didn't Organizations: Service, Starbucks, Business, Narasimhan's, Elliott Management, CNBC, Getty, Street, The Workers United, Financial Times, Pride Locations: China, Palestine
☆ Jim Cramer says incoming Starbucks CEO Brian Niccol has all the tools needed to fix the coffee chain
  + stars: | 2024-08-13 | by ( Kevin Stankiewicz | ) www.cnbc.com   time to read: +2 min
Club holding Starbucks on Tuesday announced a home-run hire to lead the coffee giant out of its recent slump: Chipotle CEO Brian Niccol is replacing Laxman Narasimhan as the chief executive. Shares of Starbucks soared more than 13% in premarket trading on the news, to more than $87 each. Niccol will start at Starbucks on Sept. 9 and also serve as chairman of the board of directors. Narasimhan had served as Starbucks' CEO since March 2023. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Brian Niccol, Laxman Narasimhan, Jim Cramer, Laxman, Niccol, Narasimhan, Rachel Ruggeri, Jim Cramer's, Jim Organizations: Starbucks, Taco Bell, CNBC Locations: Taco, China
☆ Nvidia stock's recent decline may present a buying opportunity for some investors
  + stars: | 2024-07-30 | by ( Paulina Likos | ) www.cnbc.com   time to read: +3 min
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. If he can do this "he's got a good stock," Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Stanley Black, It's, Cramer, Jim, Laxman Narasimhan's, he's, Elliot Management, Jim Cramer's Organizations: CNBC, Decker, Procter, Gamble, SWK, Nvidia, Meta, Microsoft, Starbucks
☆ Why we're still skeptical of Starbucks' turnaround despite a major Wall Street endorsement
  + stars: | 2024-06-13 | by ( Paulina Likos | ) www.cnbc.com   time to read: +4 min
A new endorsement of Starbucks from a top Wall Street research firm doesn't budge our skepticism about the coffee giant's ability to deal with the multiple challenges holding back its stock. Goldman Sachs on Thursday initiated coverage of Club name Starbucks with a buy rating and a $100-per-share price target. That price target represents more than 25% upside to the prior session's close. That night, we downgraded the stock to a 2 rating and cut our price target to $90 per share. A store of Starbucks Coffee shop chain located in Amsterdam city center with people sitting inside, enjoying a coffee after shopping in the cafe, while others are walking by.
Persons: Goldman Sachs, Jim Cramer, Goldman, Jim, Laxman Narasimhan, Narasimhan, Jim Cramer's, Nicolas Economou Organizations: Starbucks, CNBC, Nurphoto, Getty Locations: China, Amsterdam
☆ Wall Street analyst jumps to Disney's defense — plus, why Broadcom is bucking the chip decline
  + stars: | 2024-05-08 | by ( Jeff Marks | ) www.cnbc.com   time to read: +5 min
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Both Arista and Broadcom are on the Ethernet side of AI networking," Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, we'll, Laxman, Narasimhan, Howard Schultz, Jim Cramer's, Jim Organizations: CNBC, Dow, Dow Jones, Nasdaq, Broadcom, Arista Networks, Arista, Starbucks, Barclays, Disney, Arm Holdings, Warner Bros, Constellation Energy, Jim Cramer's Charitable
☆ Amazon, Starbucks show how jittery US customers are about the economy
  + stars: | 2024-05-01 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com   time to read: +2 min
Starbucks CEO Laxman Narasimhan said the coffee chain's customers were growing more cautious. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS consumers are becoming more prudent with their spending, executives at Amazon and Starbucks said on Tuesday. "A challenging macro environment including rising interest rates and elevated costs continues to create volatile consumer confidence levels and put pressure on consumer spending," Borden said then. Representatives for Amazon and Starbucks didn't immediately respond to requests for comment from BI sent outside regular business hours.
Persons: Brian Olsavsky, Laxman Narasimhan, —, Olsavsky, Narasimhan, Ian Borden, Borden Organizations: Starbucks, Service, Amazon, Bank of America, BI
☆ Stocks pop after Fed decision, oil plunges, earnings mixed — what to watch in the market
  + stars: | 2024-05-01 | by ( Matthew J. Belvedere | ) www.cnbc.com   time to read: +6 min
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Before last week's strong quarter, CNBC learned that Alphabet's Google had laid off hundreds of employees from so-called core teams. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Jerome Powell, Powell, It's, Morgan Stanley, DuPont, Jim, Laxman Narasimhan's, Estee Lauder, Stanley Black, Decker, Bernstein, Toni Sacconaghi, Apple, Sacconaghi, Jim Cramer's Organizations: CNBC, Federal Reserve, Dow, Nasdaq, Google, West Texas, Coterra, Cruise, Viking Holdings, Investment, Morgan, GE Healthcare, Nvidia, Big Tech, Linde, Bausch Health, Apple, Jim Cramer's Charitable Locations: India, Mexico, Gaza, WTI, Wall, China
☆ Jim Cramer puts his faith in Starbucks CEO Laxman Narasimhan's ability to turn things around
  + stars: | 2024-01-31 | by ( Paulina Likos | ) www.cnbc.com   time to read: +1 min
CNBC's Jim Cramer said Wednesday that Starbucks ' setback in its China and the U.S. segments will eventually get better, given its strong brand, execution, and profitability. After the closing bell on Tuesday, Starbucks reported a fiscal 2024 first-quarter earnings miss on its top and bottom lines. Full-year 2024 revenue guidance was also lowered. "We experienced a slower-than-expected recovery in China, driven by a more cautious consumer," said Narasimhan on the company's post-earnings call. Starbucks is a holding in Jim Cramer's Charitable Trust , the portfolio used by the CNBC Investing Club.
Persons: CNBC's Jim Cramer, Cramer, Laxman Narasimhan, Jim Cramer's Organizations: Starbucks, cautioning Club, Jim Cramer's Charitable Trust, CNBC, Club Locations: China, U.S, Israel
☆ The Starbucks CEO's 'favorite go-to drink' at the coffee chain costs around $3
  + stars: | 2023-11-27 | by ( Kwan Wei Kevin Tan | Lloyd Lee | ) www.businessinsider.com   time to read: +2 min
Starbucks CEO Laxman Narasimhan told Fortune about his favorite beverage at the coffee chain. Narasimhan said he enjoyed a "Doppio Espresso Macchiato with some hot milk on the side." AdvertisementYou won't need to place a complicated special order if you want to enjoy Starbucks CEO Laxman Narasimhan's favorite drink at the coffee chain. "My favorite go-to drink at Starbucks is the Doppio Espresso Macchiato with some hot milk on the side," Narasimhan told Fortune last month. The cup of hot coffee would set you back by around $3, depending on which state you purchase the drink from.
Persons: Laxman Narasimhan, Fortune, Narasimhan, —, Laxman, Howard Schultz Organizations: Starbucks, Service, Wall Street Journal, Business Insider Locations: India, Pune
☆ Starbucks' CEO moonlighted as a barista. He burned his hand on a sandwich and had an egg bite explode in front of a customer — and now he's making 5 key changes.
  + stars: | 2023-09-27 | by ( Alex Bitter | ) www.businessinsider.com   time to read: +4 min
Starbucks CEO Laxman Narasimhan burned his hand while working at one of the coffee chain's stores. Narasimhan's trips to stores come as Starbucks employees are entering the third year of a unionization drive. Narasimhan's trips to stores come as Starbucks employees' unionization drive enters its third year. Some union organizers have criticized Narashimhan's effort to work at Starbucks stores. AdvertisementAdvertisementStarbucks has also increased staffing levels as well as pay and benefits for employees at its stores, according to the Journal.
Persons: Laxman Narasimhan, —, Narasimhan, Howard Schultz, Schultz, Narashimhan Organizations: Starbucks, Service, Employees, Twitter, National Labor Relations, Bloomberg Law
☆ How China’s slower post-Covid recovery is playing out for our Club stocks this earnings season
  + stars: | 2023-05-04 | by ( Paulina Likos | ) www.cnbc.com   time to read: +6 min
A slower-than-expected recovery in China is proving to be a challenge for some of our Club holdings that do lots of business there. The company blamed a slower post-Covid recovery in its Asia travel retail business for the dismal outlook. SBUX YTD mountain Starbucks' stock year to date performance. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
☆ Starbucks new CEO wants senior leaders to work in stores. Every leader should follow suit.
  + stars: | 2023-04-10 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +7 min
Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. Others went through management-training programs operated by department stores. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.
☆ Starbucks' new CEO plans to spend time working at his company's coffee shops. Here's why every retail leader should take a shift on the sales floor.
  + stars: | 2023-04-03 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +7 min
Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. David Swanson/ReutersOf course, times have changed — in the past, many retail CEOs got their start at the store level. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.
☆ 'I'd really prefer it if he stayed out of our way': Starbucks union organizers lash out at CEO's promise to work behind the counter
  + stars: | 2023-03-25 | by ( Aidan Pollard | ) www.businessinsider.com   time to read: +2 min
Starbucks' new CEO Laxman Narasimhan announced he'll spend a half-day every month pulling coffees. Seven Starbucks stores announced they have begun the unionization process Thursday. During the annual Starbucks shareholder meeting Thursday, Starbucks Workers United announced seven new stores had filed for union elections. Workers at those stores said they hope the move shows that the labor movement at Starbucks isn't lost on Middle America. "Union Starbucks partners are here to stay."
☆ Starbucks shareholders to vote on proposals for labor probe, succession planning
  + stars: | 2023-03-23 | by ( Amelia Lucas | ) www.cnbc.com   time to read: +3 min
Shareholder votes aren't binding, so the board can reject proposals even if a majority of investors vote in favor. More than 190 company-owned Starbucks locations have voted to unionize under Starbucks Workers United, according to National Labor Relations Board data as of Friday. Members of a recently formed union of Starbucks workers hold a rally to celebrate the first anniversary of their founding, December 9, 2022 in New York City. Apple, unlike Starbucks, agreed to perform the assessment without waiting for a shareholder vote. But Trillium has more than two decades of experience putting shareholder proposals before Starbucks' board.
☆ Starbucks' new CEO will start life at the coffee giant with a pay packet that could be worth over $28 million
  + stars: | 2023-03-22 | by ( Grace Dean | ) www.businessinsider.com   time to read: +3 min
Laxman Narasimhan just started as CEO of Starbucks, and he's set to take home a hefty paycheck. This includes annual equity awards with a target value of $13.6 million, SEC filings show. According to Securities and Exchange Commission filings from September, Narasimhan will start with a base salary of $1.3 million per year. Starbucks says he'll also be eligible for annual equity awards with a target value of $13.6 million. When Kevin Johnson resigned as Starbucks CEO in April 2022, former boss Howard Schultz was named as his interim replacement.
☆ Meet Laxman Narasimhan, a coffee industry outsider who just took over as CEO of Starbucks
  + stars: | 2023-03-20 | by ( Avery Hartmans | Nancy Luna | ) www.businessinsider.com   time to read: +6 min
Laxman Narasimhan officially took over as Starbucks CEO, replacing Howard Schultz. Narasimhan is new to the coffee industry, having started his career in the consulting world before joining PepsiCo, and, later, British consumer goods company Reckitt Benckiser. Narasimhan built his career in the beverage and consumer-goods industriesLaxman Narasimhan at Starbucks Investor Day in September 2022. Starbucks said at the time that Narasimhan would begin as CEO on April 1, taking over for interim CEO Schultz. Of the 365 Starbucks stores that have held votes to unionize, 292 have voted to form a union.
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