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Starbucks has announced the appointment of Brian Niccol as its new chairman and CEO, effective 9 September 2024.
Niccol, currently serving as the CEO of Mexican restaurant chain Chipotle, will take over the leadership from Laxman Narasimhan, who has stepped down from his role as CEO and board member with immediate effect.
Until Niccol assumes his position, Rachel Ruggeri, Starbucks' chief financial officer, will serve as interim CEO. Meanwhile, Mellody Hobson, the current board chair, will transition to the role of lead independent director.
Niccol has led Chipotle since 2018, following a successful career in the food and beverage industry. His previous leadership roles include CEO of Taco Bell from 2015 to 2018 and president of Yum! Brands from 2013 to 2015.
Hobson said: “We are thrilled to welcome Brian to Starbucks...Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience. Our board believes he will be a transformative leader for our company, our people and everyone we serve around the world.”
Niccol commented: “I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners. I have long-admired Starbucks' iconic brand, unique culture and commitment to enhancing human connections around the globe."
He continued: "As I embark upon this journey, I am energised by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values”.
Hobson added: “On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand. In the face of some challenging headwinds, Laxman has been laser-focused on improving the business to meet the needs of our customers and partners. We all wish him the very best and know he will do great things in the future.”
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