Starbucks Board Replaces CEO Laxman Narasimhan
(Photo: Laxman Narasimhan, former Starbucks CEO.)
August 13, 2024
Investors were enthusiastic about Starbucks’s announcement today that, starting next month, Brian Niccol will take over as the Chief Executive replacing Laxman Narasimhan. Starbucks stock rose more than 20% at the open on the New York Stock Exchange.
“I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers” and employees, Niccol, 50-years-old, said in a statement. He is currently CEO of Chipotle Mexican Grill, a restaurant chain with about 3,500 outlets, all but about 60 of them in the United States, and with a market value of $69 billion.
The statement issued by Starbucks implied why Niccol is replacing Narasimhan, 57-years-old. Since Niccol took over as Chipotle’s CEO in 2018, the statement notes, “Revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800%...all while increasing wages for retail team members, expanding benefits, and strengthening the culture.” Niccol achieved these gains, the statement adds, by focusing “on people and culture, brand, menu innovation, operational excellence, and digital transformation.”
Seattle, United States, based Starbucks mainly sells a variety of coffees, both hot and cold and in several combinations and price points, from more than 39,000 stores in 84 countries, including China and India. The stores include more than 17,000 which are licensed to other operators.
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