Starbucks unveiled an abrupt leadership change on Tuesday: Brian Niccol, a high-profile name in the restaurant industry, is taking the reins, after months of weak sales at the coffee giant and a falling stock price.
Mr. Niccol will step in as chief executive next month, replacing Laxman Narasimhan, whose relatively brief stint in the top job at Starbucks began in March last year.
The company’s chief financial officer, Rachel Ruggeri, will serve as interim chief executive until Mr. Niccol officially joins the company on Sept. 9.
Mr. Niccol is coming off of six years at the helm of Chipotle Mexican Grill — a period that saw the fast-casual burrito chain nearly double its sales.
The company’s stock price has increased about 800 percent since he took over in early 2018.
Persons:
Brian Niccol, Niccol, Laxman Narasimhan, Rachel Ruggeri, Chipotle
Organizations:
Starbucks