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2024-08-13 20:55
Starbucks (NASDAQ:SBUX) sent shockwaves across the restaurant sector on Tuesday with its announcement that it is replacing CEO Laxman Narasimhan with Chipotle Mexican Grill (NYSE:CMG) CEO Brian Niccol.
Niccol joined Chipotle (CMG) as Chief Executive Officer and a director in March 2018, and became Chairman of the Board in March 2020. Before joining Chipotle (CMG), he served as Chief Executive of Yum! Brands (YUM) Taco Bell. He also served in leadership roles at Pizza Hut, another division of Yum! Brands. He began his career in brand management at Procter and Gamble (PG). Of note, Niccol currently serves on the board of directors of Walmart (WMT).
Niccol will be on the new job almost immediately. Starbucks (SBUX) CFO Rachel Ruggeri will step in as interim chief executive until September 9, when Niccol officially takes over the top position at the coffee chain giant.
In a media interview, Starbucks (SBUX) Chair Mellody Hobson said the decision to replace Narasimhan was not based on just one quarter. She also said that Niccol will come out with his own plans for the company and the brand.
Shares of Starbucks Corporation (SBUX) soared 12.8% in premarket action to trade at their highest level since late April. Dutch Bros (BROS), which often trades directionally with SBUX, was up 1.1% in the early session. Meanwhile, Chipotle (CMG) traded 7.9% lower amid some uncertainty about the fast-casual stock. The Starbucks (SBUX) development arrived during a period of investor anxiety in the restaurant sector as major operators such as McDonald's (MCD), Yum! Brands (YUM), Brinker International (EAT), Darden Restaurants (DRI), and Wendy's (WEN) battle through consumer pushback on pricing.