New Starbucks CEO (Image source: iStockphoto)
Starbucks has announced the appointment of Brian Niccol as its new president and CEO, effective September 9, 2024. Niccol, who is currently president and CEO of Chipotle, will assume the role Laxman Narasimhanwho will immediately step down from her role and her board position. Starbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO until Niccol arrives. Mellody Hobson, Chair of the Board of Directors, will transition to the role of Lead Independent Director.
A highly respected leader in the food and beverage industry, Niccol has been instrumental in Chipotle’s remarkable growth since assuming the role of CEO in 2018. Under his leadership, Chipotle has seen its revenue nearly double, its profits increase nearly sevenfold, and its stock price soar nearly 800%.
His tenure has been characterized by a focus on people and culture, brand development, menu innovation, operational efficiency and digital transformation. Niccol’s leadership also included salary increases and increased benefits for retail staff, reflecting his commitment to improving the company’s internal culture.
Mellody Hobson expressed her excitement about Niccol’s appointment, highlighting his impressive track record and transformational leadership style. “Brian is a culture-changer who brings a wealth of experience and a proven track record of driving innovation and growth,” Hobson said. “We believe he will be a transformational leader for our business, our people and all those we serve around the world.”
In his statement, Niccol expressed his excitement about joining Starbucks and his admiration for the company’s iconic brand and culture. He emphasized his commitment to advancing the Starbucks experience while staying true to the company’s mission and values. “I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners,” Niccol said.
Laxman Narasimhan’s departure comes as he leaves behind a legacy of improvements in member experience, supply chain innovation and store operations. Hobson acknowledged Narasimhan’s contributions and dedication, and expressed gratitude for his efforts in meeting challenges during his tenure.
Niccol’s career includes notable positions as CEO of Taco Bell and roles at Pizza Hut and Procter & Gamble. He also serves on the board of Walmart Inc. and was previously involved with KB Home and Harley-Davidson. His educational background includes a bachelor’s degree from the University of Miami and an MBA from the University of Chicago Booth School of Business.
Starbucks Founder and Chairman Emeritus Howard Schultz praised Niccol’s leadership, highlighting his significant turnaround at Chipotle and expressing his full support for his appointment. “I believe he is the leader Starbucks needs at a pivotal time in its history,” Schultz said.
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