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☆ Howard Schultz is looming in the background of Starbucks' latest CEO transition
▼ + stars: | 2024-08-14 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Former Starbucks CEO Howard Schultz looms over the company's leadership, even after stepping down. Schultz has endorsed Niccol as "the leader Starbucks needs". Go to newsletter preferences Thanks for signing up! On Tuesday, Starbucks announced that Brian Niccol, the former CEO of Chipotle, will succeed Laxman Narasimhan as CEO. The influence of Howard Schultz, Starbucks' former CEO and chairman, still looms large and could complicate Niccol's efforts to steer the company forward.

Persons: Howard Schultz, Brian Niccol, Schultz, Niccol, —, hasn't, Laxman Narasimhan Organizations: Starbucks, Service, Business Locations: Chipotle

☆ Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Starbucks, Chipotle, Eli Lilly, Target, TJX Companies, Coinbase and more
▼ + stars: | 2024-08-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Stifel upgrades Starbucks to buy from hold Stifel upgraded the coffee chain following the management shakeup that included a new CEO. Jefferies upgrades Sportradar to buy from hold Jefferies upgraded the Swiss global sports tech company, saying it's becoming "increasingly attractive." Morgan Stanley reiterates Target as overweight Morgan Stanley said it's sticking with its overweight rating heading into Target 's earnings next week. Berenberg reiterates Eli Lilly as buy Berenberg raised its price target on the drugmaker to $1,050 per share from $1,000. TD Cowen upgrades Ilumina to buy from hold TD Cowen sees revenue growth ahead for the biotech company.

Persons: Wolfe, PulteGroup, rais, Brian Niccol, Baird, Tesla, it's bullish, Goldman Sachs, Goldman, Elliott, Wells, Equitrans, ETRN, Jefferies, it's, SRAD, Bernstein, Chipotle, Morgan Stanley, Berenberg, Eli Lilly, Lilly, circumspection, Ross, BURL, ROST, Oppenheimer, TD Cowen, mgmt Organizations: Stifel, RBC, Johnson, underperform RBC, Elliott Management, Barclays, Nvidia, JPMorgan downgrades Emerson, JPMorgan, Deutsche Bank, Deutsche, Ball Corp, Ball Corporation, Montrose Environmental, Stock, Intuit, Citi, Palo Alto, Bank of America, TJX Companies, Argus Locations: Florida, Underperform, Swiss, Montrose, QuickBooks, Burlington, Coinbase, China, Hershey

☆ CNBC Daily Open: Wall Street surges; Starbucks ousts CEO
▼ + stars: | 2024-08-14 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Economic uncertainty Home Depot exceeded quarterly expectations but lowered its full-year sales outlook , citing weak demand due to high interest rates and consumer uncertainty. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. The baristas have to be energised, clearly they've had some union problems, clearly they've had a lot of new products that haven't worked," Palmer told CNBC "Squawk on the Street." Chief Financial Officer Richard McPhail told CNBC, "Customers aren't just deferring because of higher financing costs.

Persons: Richard McPhail, Laxman Narasimhan, Brian Niccol, Narasimhan, Mellody Hobson, Narasimhan —, Niccol, David Palmer, they've, haven't, Palmer, Sarat Sethi, CNBC's, Sethi, —, Sarah Min, Amelia Lucas, Brian Evans, Samantha Subin, Jennifer Elias, Jeff Cox, Spencer Kimball Organizations: New York Stock Exchange, CNBC, Jefferies, Google, Apple, Gemini, Evercore ISI, Depot, Douglas, Lane & Associates, McDonald's, Starbucks, Walmart Locations: New York City, China

Several analysts raised their ratings and price targets on Starbucks a day after news that Chipotle CEO would take over at the coffee chain. Starbucks shares rallied on the news, while Chipotle shares fell. He also lowered his price target on shares to $685 from $750, which implies just 6% upside from Monday's close. Chipotle shares pulled back of 7% comes as decelerating trends and a sector rotation already impacted Chipotle's multiple. Since Niccol took the position of CEO in 2018, Chipotle shares surged more than 770%.

Persons: Bernstein, Fatima Boolani, Boolani, — Hakyung Kim, Eli Lilly Eli Lilly's, Berenberg, Lilly, Kerry Holford, " Holford, Morgan Stanley, Keith Weiss, Weiss, Hakyung Kim, Brian Niccol's, Danilo Gargiulo, Gargiulo, Niccol, Chipotle, Laxman Narasimhan, Brian Niccol, Baird, David Tarantino, Fred Imbert Organizations: CNBC, Citi, Palo Alto, Palo Alto Networks, pharma, Intuit, Starbucks, Deutsche Bank, SBUX Locations: Tuesday's

☆ Starbucks is struggling. So it hired fast food’s Mr. Fix-It
▼ + stars: | 2024-08-14 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Brandon Bell/Getty ImagesSo, starting next month, fast food’s fix-it man will work to turn around Starbucks as its new CEO, the company announced on Tuesday. Starbucks’ sales have fallen for two straight quarters. Mobile app and drive-thru orders make up more than 70% of Starbucks’ sales at its approximately 9,500 company-operated stores in the United States. Restaurant analysts say that Starbucks, which has historically done less television advertising than rivals, will use marketing to try to improve customers’ perceptions of Starbucks’ brand and prices. Niccol succeeded adding new menu items to Chipotle, and he will “enable Starbucks to better succeed with menu innovation,” says Charles.

Persons: Chipotle, Brian Niccol, Niccol, carne asada, pollo, Brandon Bell, ” RJ Hottovy, they’re, Bebeto Matthews, ”, Tom Cook, Casey, Mark Lennihan, Cowen, Andrew Charles, Charles Organizations: New, New York CNN, Taco Bell, Starbucks, Investors, CNN Locations: New York, Taco, Chipotle, Mobile, United States

☆ 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

☆ 6 ways Starbucks' incoming chief Brian Niccol transformed Chipotle
▼ + stars: | 2024-08-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Niccol has a "great track record" and is an "outstanding" hire for Starbucks, Edward Jones restaurant analyst Brian Yarbrough told Business Insider. Alongside Curt Garner, the chain's chief information officer who joined in 2015, Niccol helped spearhead Chipotle's digital turnaround. In Niccol's first full year at Chipotle, in 2019, digital sales were up 90%. AdvertisementMost locations already had two make lines when Niccol joined Chipotle, but the strategy was unclear, BI previously reported. "Whether you're a light, medium, or heavy user, when you're in the rewards program, you come more frequently and you spend more," Niccol told investors in February.

Persons: —, Taco Bell, Brian Niccol, Laxman Narasimhan, Niccol, Edward Jones, Brian Yarbrough, William Blair, Sharon Zackfia, Howard Schultz, He's, perf, Chipotle, Chipotle's, Gregory Rec, Jack Hartung, Curt Garner, they'd, Jefferies, Andy Barish Organizations: Service, Taco, Starbucks, Business, Portland Press, Getty, Niccol's, BI Locations: Chipotle, Ohio, China

Starbucks is parting ways with its CEO and bringing in the head of Chipotle to lead the coffeeshop chain, as it seeks to revive flagging sales and appease outside investors. Starbucks announced Tuesday that Brian Niccol, who has led the Mexican-style chain since 2018, will take over the coffee giant starting next month. Laxman Narasimhan, who'd been with Starbucks for less than two years, is exiting the company. But in its release announcing the change, Starbucks said Niccol had "transformed" Chipotle. Starbucks CFO Rachel Ruggeri will step in as interim chief executive until Sept. 9, when Niccol officially takes over the top job.

Persons: Brian Niccol, Laxman Narasimhan, who'd, who’d, Chipotle, Niccol, Rachel Ruggeri, Scott Boatwright, Jack Hartung Organizations: Starbucks Locations: Mexican, U.S, China

☆ Starbucks is replacing its CEO with the boss of Chipotle in an abrupt management shake-up
▼ + stars: | 2024-08-13 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +1 min

Starbucks CEO Laxman Narasimhan has stepped down effective immediately. Brian Niccol, the current CEO of Chipotle, will replace Narasimhan in early September. This leadership change comes as Starbucks works to turn around its business. Go to newsletter preferences Thanks for signing up! The news comes as Starbucks looks to turn around its business amid faltering sales in recent months.

Persons: Laxman Narasimhan, Brian Niccol, —, Narasimhan Organizations: Starbucks, Narasimhan, Service, Business

☆ Who Is Brian Niccol, the Incoming Starbucks C.E.O. From Chipotle?
▼ + stars: | 2024-08-13 | by ( Danielle Kaye | ) www.nytimes.com time to read: +1 min

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

☆ Chart of the Day: Starbucks and Chipotle
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChart of the Day: Starbucks and ChipotleStarbucks soars while Chipotle sinks on news of a leadership shakeup. The Investment Committee discusses these two companies.

Organizations: Investment

☆ Why Wall Street thinks Brian Niccol is the person to revive Starbucks — and end the Howard Schultz era
▼ + stars: | 2024-08-13 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

In this article SBUXCMG Follow your favorite stocks CREATE FREE ACCOUNTBrian Niccol, CEO of Chipotle Anjali Sundaram | CNBCWall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era. Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after being handpicked by former CEO Schultz. Other analysts wrote glowingly of Niccol, seeing him as the right person to tackle Starbucks' sluggish sales. Some analysts believe that having Niccol, an experienced restaurant CEO, in the driver's seat could mean that Schultz finally moves on.

Persons: Brian Niccol, Chipotle Anjali Sundaram, Howard Schultz, Niccol, Laxman Narasimhan, Schultz, TD Cowen, Andrew Charles, Piper Sandler, Baird, Oppenheimer, Brian Bittner, Brian, David Palmer, Morgan Stanley, Brian Harbour, Mellody Hobson, Niccol's, Hobson, Gordon, Don Bilson, Chipotle, Steve Ells, Bernstein, Danilo Gargiulo Organizations: CNBC, Starbucks, SBUX, Newport Locations: Denver, Newport Beach

☆ What needs to happen to keep the market comeback going — plus, our new Starbucks price target
▼ + stars: | 2024-08-13 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

New PT for Starbucks: The standout in the market Tuesday is Starbucks , which is up 22%. The announcement is also winning over Wall Street, with three firms already upgrading their rating on Starbucks' stock to a buy or buy-equivalent. 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, Stocks, Laxman Narasimhan, Brian Niccol, Baird, Piper Sandler, " Cowen, Brinker, Jim Cramer's, Jim Organizations: CNBC, New, Starbucks, Wall, Bar, Brinker International, Cardinal Health, Jim Cramer's Charitable

☆ I have some suggestions for the new Starbucks CEO
▼ + stars: | 2024-08-13 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +1 min

Chipotle CEO Brian Niccol is replacing Laxman Narasimhan as Starbucks CEO. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementStarbucks just replaced its CEO after a rocky nine-month stint — and as a former barista, I can see why! This story is available exclusively to Business Insider subscribers.

Persons: Brian Niccol, Laxman Narasimhan, I'm, —, Howard Schultz, I've Organizations: Starbucks, Service, Business

☆ Starbucks Chair Mellody Hobson on Chipotle CEO Niccol: He's a culture carrier and beloved leader
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStarbucks Chair Mellody Hobson on Chipotle CEO Niccol: He's a culture carrier and beloved leaderStarbucks Chair Mellody Hobson joins 'Squawk Box' to discuss news of the company replacing its CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, how the decision was made, the challenges facing the company today, why Brian Niccol was picked as the new CEO, and more.

Persons: Mellody Hobson, Laxman Narasimhan, Brian Niccol

☆ Watch CNBC's full interview with Starbucks Chair Mellody Hobson
▼ + stars: | 2024-08-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Starbucks Chair Mellody HobsonStarbucks Chair Mellody Hobson joins 'Squawk Box' to discuss news of the company replacing its CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, how the decision was made, the challenges facing the company today, why Brian Niccol was picked as the new CEO, and more.

Persons: Hobson, Mellody Hobson, Laxman Narasimhan, Brian Niccol Organizations: Starbucks

☆ Stock market today: Stocks soar as investors cheer soft PPI and brace for consumer inflation data
▼ + stars: | 2024-08-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

US stocks rallied on cooling inflation data from the producer price index report. Investors are hoping for evidence of further cooling in Wednesday's consumer price index. Starbucks gained 23% on Tuesday on news Chipotle boss Brian Niccol will be the new CEO. The Bureau of Labor Statistics reported that the producer price index rose 0.1% in July, underwhelming estimates of a 0.2% increase. Investors will now watch for further disinflationary signals in Wednesday's consumer price index report.

Persons: Brian Niccol, —, Dow, Jamie Cox Organizations: Investors, Starbucks, Service, Labor Statistics, Nasdaq, Federal Reserve, Fed, Harris Financial Group, Bank of America

☆ Starbucks is betting big that Chipotle's CEO can make it special again. He'll have his work cut out for him.
▼ + stars: | 2024-08-13 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

Laxman Narasimhan, Starbucks' current CEO, will step down effective immediately from his roles as CEO and a member of Starbucks' board of directors, the company said. In his tenure at Chipotle, Niccol made several changes. He also oversaw an expansion of Chipotle's online-ordering options just before delivery and pickup became essential to the restaurant business early in the pandemic. The road ahead at StarbucksAt Starbucks, Niccol will face some challenges similar to those he took on at Chipotle. AdvertisementStarbucks sales have also fallen lately in China, which is home to nearly one-fifth of all the chain's stores.

Persons: —, Brian Niccol, Niccol, Laxman Narasimhan, Elliott, Chipotle, Brian, Melody Hobson, Peter Saleh, Saleh Organizations: Service, Starbucks, Business, Street, Elliott Investment Management, Taco Bell's, Wall Street, Analytical Research Locations: Chipotle, Denver, Orange County , California, China

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

☆ A trade that wins if the drop in Chipotle after CEO jumps to Starbucks is overdone
▼ + stars: | 2024-08-13 | by ( Nishant Pant | ) www.cnbc.com time to read: +3 min

Chipotle Mexican Grill (CMG) shares are getting wrecked after its CEO Brian Niccol left to try and turn around Starbucks. With a positive outlook on CMG, I see this pre-market drop as an opportunity to invest in a company that seems almost recession-proof. The trade To initiate a bullish position on CMG, I plan to use a strategy known as a "bull call spread." This trade was written assuming Chipotle was trading around $51 a share. If CMG trades at or above the short strike by the expiration date, this trade could yield a return of 100% on the amount risked.

Persons: Brian Niccol, let's, Chipotle Organizations: Grill, CNBC, NBC UNIVERSAL Locations: Chipotle

☆ Stock market today: Indexes climb as producer inflation comes in cool
▼ + stars: | 2024-08-13 | by ( Max Adams | ) www.businessinsider.com time to read: +4 min

Stocks were higher on Tuesday after PPI showed wholesale inflation was less than expected in July. Investors are now bracing for the consumer inflation reading due out on Wednesday. AdvertisementUS stocks were up on Tuesday after the producer price index for July showed wholesale inflation rose less than expected. Data from the Bureau of Labor Statistics showed that producer prices increased 0.1% last month compared to estimates of 0.2%. The cooler-than-expected reading should boost optimism for consumer prices to show a decline in inflation when the consumer price index is released on Wednesday.

Persons: —, Chris Zaccarelli, Laxman Narasimhan, Brian Niccol, Elon Musk Organizations: PPI, Investors, Service, Bureau of Labor Statistics, Federal Reserve, Fed, Depot, Bank of America, Starbucks, Trump Media, Elon

☆ Starbucks Names Chipotle Boss as New C.E.O.
▼ + stars: | 2024-08-13 | by ( Danielle Kaye | More About Danielle Kaye | ) www.nytimes.com time to read: +1 min

The chief executive of Chipotle Mexican Grill is moving over to Starbucks, the coffee chain announced on Tuesday. Brian Niccol, who has held the top position at Chipotle since 2018, will take the helm of Starbucks next month, the company said. He will replace Laxman Narasimhan, whose relatively brief tenure began in March last year, when he became the first chief executive to come from outside the company. Mr. Niccol’s career also includes a stint as chief executive of Taco Bell. Mr. Narasimhan will step down as chief executive and board director immediately, with the chief financial officer Rachel Ruggeri stepping in as interim chief executive until Sept. 9.

Persons: Brian Niccol, Laxman Narasimhan, Niccol’s, Narasimhan, Rachel Ruggeri Organizations: Starbucks, Taco Bell Locations: Chipotle, United States, China

☆ Stocks making the biggest moves premarket: Home Depot, Starbucks, Hormel Foods, Chipotle and more
▼ + stars: | 2024-08-13 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +2 min

Starbucks , Chipotle Mexican Grill — Shares of the coffee chain popped more than 11% in the premarket after the company replaced its chief executive, Laxman Narasimhan, with Chipotle CEO Brian Niccol . Chipotle shares were down about 10%. The company reported earnings of 0.14 Swiss francs per share, or about $0.16, below the StreetAccount estimate of 0.16 Swiss francs. However, revenue of 567.7 million Swiss francs was better than the 562.1 million expected. Kodiak Gas Services — The natural gas services company dipped 2.7% after posting a year-over-year fall in earnings and a top-line miss.

Persons: Laxman Narasimhan, Brian Niccol, Riley, —, Jesse Pound, Fred Imbert Organizations: Home Depot, Entertainment Group, Kodiak Gas Services, Kodiak, Revenue, Citigroup, Riley, SEC, Securities and Exchange Commission Locations: StreetAccount

Activist investor Elliott Management is preparing to launch a proxy fight at Southwest Airlines , and intends to nominate as many as 10 directors to the company's 15-person board, according to a person familiar with the matter. Elliott plans to call a special meeting, rather than waiting for the company's annual shareholder meeting, the person said. Elliott needs to own at least 10% of the company in order to call a special meeting, under Southwest's bylaws, a threshold that it will likely cross soon. Southwest rebuffed those requests, and CEO Jordan since told CNBC that Elliott's engagement with the company had not been meaningful. The activist had already intimated that it would seek to call for a special meeting in its second letter to Southwest's board.

Persons: Elliott, Southwest's, Bob Jordan, Gary Kelly, Jordan, Brian Niccol Organizations: Elliott Management, Southwest Airlines, CNBC, Starbucks, Southwest, Budget, Spirit Airlines, Wall Street Locations: U.S

☆ 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

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