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BUSINESS

Starbucks replaces boss

By Duncan Mil

August 14, 2024 - The coffee chain’s CEO is leaving the company after less than two years in charge as it grapples with a slump in sales amid a backlash to price increases and boycotts.

Starbucks on Tuesday (August 13) named Brian Niccol, the head of Chipotle Mexican Grill, as its new chairman and CEO. He will take over on September 9.

Niccol, who will become Starbucks’ fourth CEO in just two years, has led the Mexican-inspired food chain since 2018.

“Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth,” said Mellody Hobson, Starbucks’ new lead independent director, in a release. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”

This leadership shake-up has triggered a record one-day percentage jump, soaring 24% on the S&P 500, marking their biggest intraday gain on record and adding over $20 billion to the company’s market capitalization.

Niccol, an engineering major from Miami University, joined Chipotle in 2018 from Taco Bell and helped the company overcome an E. coli nightmare that hospitalized 22 people. Chipotle’s revenue surged more than 800% over the past five years.

“It’s hard to leave such a great company and all of the talented people I’ve had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team,” Niccol said.

Sources
PUBLISHED: 14/08/2024; STORY: Graphic News; PICTURES: Getty Images
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