Laxman Narasimhan, incoming Starbucks CEO, Sept. 7, 2022.
CNBC
Starbucks announced Tuesday it’s replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol.
Shares of Starbucks rose 10% in premarket trading on the news.
Narasimhan took over as chief executive in March 2023. The coffee giant’s performance has struggled this year, hurt by weak sales in the U.S. and China. Activist investors Elliott Management and Starboard Value had acquired stakes in the company in recent weeks.
Starbucks CFO Rachel Ruggeri will step in as interim chief executive until Sept. 9, when Niccol officially takes over the top job.
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