New York CNN —Starbucks CEO Laxman Narasimhan is stepping down immediately after just a year in the role, the company announced Tuesday.
The struggling coffee chain has tapped Chipotle CEO Brian Niccol to be its new chairman and CEO, effective September 9.
Starbucks’ stock soared more than 13% in premarket trading, while Chipotle’s dipped 8%.
Chipotle CEO Brian Niccol is leaving the chain for Starbucks.
From ChipotleStarbucks’ struggles reflect consumer fatigue with high prices at food chains, restaurants and stores after years of price hikes.
Persons:
Laxman Narasimhan, Brian Niccol, Niccol, “ Brian, ”, Mellody Hobson, ” Narasimhan, Laxman, ” Hobson, Neil Saunders, ” Saunders, Saunders, Narasimhan’s, Howard Schultz, ” Schultz
Organizations:
New, New York CNN, Starbucks, Elliott Investment Management, GlobalData, Wall Street
Locations:
New York, Mexican, North America