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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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChipotle's Brian Niccol is 'the guy' to turn around Starbucks' premium brand, says Evercore's PalmerDavid Palmer, Evercore ISI analyst, joins 'Squawk on the Street' to discuss the challenge of reestablishing the premium brand Starbucks once was, why the analyst didn't rerate Starbucks' stock, and much more.
Persons: Brian Niccol, Evercore's Palmer David Palmer, didn't
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
Starbucks makes a change at the topThis just in: Laxman Narasimhan is out as the C.E.O. of Starbucks, the company announced on Tuesday, a year and a half since he succeeded Howard Schultz at the coffee chain. Narasimhan will be replaced by Brian Niccol, a fast-food industry veteran who executed a turnaround as C.E.O. Narasimhan has also been rocked by dueling activist investor campaigns and has had to fend off criticism from Schultz. Rachel Ruggeri, the Starbucks chief financial officer, will serve as interim C.E.O.
Persons: Laxman Narasimhan, Howard Schultz, Brian Niccol, Narasimhan, Schultz, It’s, Chipotle, Mellody Hobson, Rachel Ruggeri, Niccol Organizations: Starbucks, Narasimhan Locations: U.S, China
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
Starbucks , Chipotle Mexican Grill — Starbucks stock shot up 21% after the coffee chain ousted CEO Laxman Narasimhan effective immediately and replaced him with Chipotle CEO Brian Niccol, who will step in Sept 9. Three Wall Street firms already upgraded Starbucks stock after the news. Revenue of 567.7 million Swiss francs topped the 562.1 million expected by analysts polled by StreetAccount. The filings showed that the shareholders, including the Ontario Teachers' Pension Plan Board, were working with Morgan Stanley to sell a total of about 11 million shares of ViaSat. Rumble — Shares advanced more than 5% after the video sharing company's second-quarter results beat expectations on the top and bottom lines.
Persons: Laxman Narasimhan, Brian Niccol, Morgan Stanley, Carlyle, Riley, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim, Jesse Pound Organizations: Starbucks, Home Depot, Depot, Dell Technologies, Barclays, Entertainment, Mobile, Citigroup, StreetAccount, ViaSat, Ontario, Board, Garden, Madison, Garden Sports, Baxter, Baxter International, Riley, SEC Locations: China, FactSet, Madison
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
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 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
CNBC's Jim Cramer on Tuesday discussed Starbucks ' management shake-up, saying the new leadership will be crucial to turn the business around after the ubiquitous coffee chain announced it would replace CEO Laxman Narasimhan with Brian Niccol, who is currently the CEO of Chipotle . "Brian Niccol is the key to a new Starbucks, one that can reclaim its old mantle as the 'third place' — you just need to know that this turnaround can't happen overnight," he said. According to Cramer, Narasimhan wasn't the right person for the role, saying Starbucks needed an executive familiar with the fast-food industry to effectively solve its issues. Niccol's record at Chipotle makes him a great fit for the role, Cramer said. "No, Starbucks brought in Brian Niccol, the man who almost singlehandedly turned around Chipotle, to run the business.
Persons: CNBC's Jim Cramer, Laxman Narasimhan, Brian Niccol, Cramer, Narasimhan, Niccol Organizations: Starbucks, McKinsey, PepsiCo, Chipotle Locations: U.S, China, Chipotle
Wall Street wasted no time getting behind Starbucks shares after the No. 1 U.S. coffee restaurant named Chipotle CEO Brian Niccol as CEO , dumping Laxman Narasimhan. Baird upgraded Starbucks to outperform from neutral shortly after the news and before trading even began on Wall Street officially. Starbucks shares have struggled for the last three years after an initial demand boom following the pandemic. SBUX 5Y mountain Starbucks, 5 years Baird set a new price target of $110 on Starbucks, which represents a 40%-plus pop from Monday's close.
Persons: Brian Niccol, Laxman Narasimhan, Baird, David Tarantino, Narasimhan, Niccol, Taco Bell Organizations: Wall, Starbucks, Taco Bell, Yum Brands, Taco, Procter, Gamble
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
Starbucks sent shockwaves through the business world on Tuesday with its announcement that Chipotle CEO Brian Niccol would take the same role at the coffee chain, replacing Laxman Narasimhan. While Starbucks shareholders and Wall Street rejoiced , it's a double-edged sword for Tengler as a holder of both stocks. "While I cheered the move of Brian to Starbucks this morning, I mourned it at the loss at Chipotle." To be sure, Starbucks investors had to go through pain to get to this point. Heading into Tuesday's opening bell, the stock was down about 22% compared with when Narasimhan, the outgoing Starbucks CEO, took over in March 2023.
Persons: Laffer, Nancy Tengler, she's, Brian Niccol, Laxman Narasimhan, it's, Tengler, Brian, she'll, Chipotle, Niccol, nabbed, I'm, that's, , Robert Hum, Tom Rotunno Organizations: Starbucks Locations: Chipotle, Seattle
Starbucks names Brian Niccol new CEO: Here's what to expect
  + 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 names Brian Niccol new CEO: Here's what to expectNancy Tengler, Laffer Tengler Investments CEO and CIO, and CNBC's Kate Rogers join 'The Exchange' to discuss Starbucks' future in leadership after the coffee giant announced its new CEO.
Persons: Brian Niccol, Nancy Tengler, Kate Rogers Organizations: Tengler
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 , 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
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
"The word 'value' has received a lot of airtime in the past few months," Josh Kobza, the CEO of Burger King parent company Restaurant Brands International , said on Thursday. Value for shareholdersA drive-through area of a Burger King restaurant in Peoria, Ill. Daniel Acker | Bloomberg | Getty ImagesCompanies aren't just thinking about offering value for customers — they're also thinking about shareholder value. For example, Burger King was one of the first chains to unveil a $5 value meal this summer. When its rivals followed suit with their own $5 discount deals, the Restaurant Brands chain didn't see any clear impact to its business. "There are actually some positives to the focus on value across the industry," Restaurant Brands' Kobza told CNBC.
Persons: Mario Tama, McDonald's, Josh Kobza, Burger, There's, Taco Bell, Papa, Ravi Thanawala, Chris Kempczinski, Richa Naidu, Kempczinski, it's, Brian Niccol, Adam Jeffery, Niccol, John Peyton, IHOP, It's, Peyton, Daniel Acker, — they're, They're, Burger King, Kobza Organizations: Getty, Taco Bell, Yum Brands, Restaurant Brands, Bureau of Labor Statistics, Burger King, Reuters, Grill, CNBC, Brands, Peoria , Ill, Bloomberg, Starbucks, U.S Locations: Burbank , California, Burger King, Oak Brook , Illinois, Peoria ,
Social media keeps catching Wall Street off guard
  + stars: | 2024-08-11 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +11 min
In 2015, he created TickerTags, a social media data aggregator that tracks company mentions, and sold it to Jefferies' M Science. To be fair…Speculating and making decisions based on social media trends is a risky wager. Wall Street doesn't always respond to social media trends that could negatively drive fundamentals because there aren't tools to understand the impacts, McKeown noted. In the event a social media trend is mentioned, it's not factored into their valuation model, Ober added. How social media sentiment plays into a thesis should depend on an investor's time horizon.
Persons: It's, Bud Light's, influencer Dylan Mulvaney, BUD, Kirk McKeown, Chris Camillo, Jefferies, Camillo, Bud, didn't, Paul Johnson, Laxman Narasimhan, misperception, Sara Senatore, I've, Senatore, Chipotle, Keith Lee, dollies, Brian Niccol, Goldman Sachs, They're, Matt Ober, they're, I'd, McKeown, it's, Ober Organizations: Service, Business, Anheuser, Busch, Wall Street, Pew Research Center, Molson, TAP, Starbucks, Nicusa Investment, Columbia Business School, of America Locations: Palestine, Gaza, SBUX
For years, customers have griped about their portion sizes at the fast-food chain, and Chipotle has vigorously defended itself. "There have been no changes in our portion sizes, and we have reinforced proper portioning with our employees," Laurie Schalow, Chipotle's chief corporate affairs and food safety officer, told Business Insider. "Yes, you can have the same customization with a digital makeline, but you are more constrained in what you can do." technically the robot but i've seen the robot referenced broadly as a "digital makeline." The analyst added that robots could be a solution for digital orders, which Chipotle has said it plans to do.
Persons: , Chipotle, Laurie Schalow, Wells, Danilo Gargiulo, Gargiulo, Daniel Fukuba, we're, Fukuba, Brian Niccol's, Chipotle's, Niccol, Fortune, de gallo, Niccol didn't Organizations: Service, Business, BI Locations: AllianceBernstein, Chipotle, San Jose , California, pico
Chipotle Mexican Grill has built its fast-casual burrito dominance largely on consistency and size. Amid a storm of customer complaints on social media, accusing the chain of serving smaller portions in their burritos and burrito bowls, Chipotle’s chief executive, Brian Niccol, firmly denied that the company’s portion policies had changed. “First, there was never a directive to provide less to our customers,” he said during an earnings call Wednesday. “Generous portion is a core brand equity of Chipotle. It always has been, and it always will be.”Still, Mr. Niccol said the complaints had led him to re-examine Chipotle’s practices across its operation.
Persons: Brian Niccol, , Niccol
Chipotle has taken action after some customers complained about small portion sizes at the chain. The company found stores that got "outlier portion scores" in surveys, CEO Brian Niccol said. Chipotle never gave "a directive to provide less to our customers," Niccol added. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .
Persons: Chipotle, Brian Niccol, Niccol, Organizations: Service, Business
Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that topped analysts' expectations as it saw higher traffic at its restaurants, bucking an industry slowdown. Shares of the company rose about 13% in extended trading before losing most of those gains and settling around 3% higher. The company's same-store sales rose 11.1% in the quarter, topping StreetAccount estimates of 9.2%. Chipotle opened 52 new company-owned locations and one new international licensed restaurant during the quarter. The company reiterated its full-year outlook that same-store sales will grow by a mid- to high-single-digit percentage.
Persons: Chipotle, Brian Niccol, Niccol Organizations: LSEG, Executives, PepsiCo, McDonald's Locations: Texas
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChipotle CEO Brian Niccol: Consumers continue to talk about tightening upBrian Niccol, Chipotle CEO, joins CNBC's Kate Rogers and 'Closing Bell Overtime' to talk Chipotle's quarterly results that sent shares skyrocketing in overtime.
Persons: Brian Niccol, Kate Rogers
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