{"id":253884,"date":"2024-08-13T16:13:26","date_gmt":"2024-08-13T16:13:26","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/13\/chipotle-boss-brian-niccol-tapped-as-next-starbucks-ceo-hollywood-life\/"},"modified":"2025-06-25T17:12:29","modified_gmt":"2025-06-25T17:12:29","slug":"chipotle-boss-brian-niccol-tapped-as-next-starbucks-ceo-hollywood-life","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/08\/13\/chipotle-boss-brian-niccol-tapped-as-next-starbucks-ceo-hollywood-life\/","title":{"rendered":"Chipotle Boss Brian Niccol Tapped as Next Starbucks CEO \u2013 Hollywood Life"},"content":{"rendered":"

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Image Credit: Getty Images<\/figcaption><\/figure>\n

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Brian Niccol<\/strong>, the CEO of Chipotle, has been selected to replace Starbucks\u2019 CEO Laxman Narasimhan<\/strong>. The coffee chain announced the news on Tuesday, August 13. As a result of the CEO change, Starbucks\u2019 shares increased and Chipotle\u2019s stock decreased.<\/p>\n

Since Narasimhan\u2019s departure is effective immediately, acting Starbucks\u00a0CFO, Rachel Ruggeri<\/strong>, is the interim chief executive until Niccol officially stars the job on September 9.<\/p>\n

Despite being one of the most successful coffee companies in the world, Starbucks has struggled financially this year. Same-store sales have declined in its largest markets, the U.S. and China, according to CNBC<\/a>.<\/p>\n

Narasimhan assumed the position of CEO in March 2023, replacing former Starbucks boss, Howard Schultz<\/strong>. Schultz, at the time, chose Narasimhan to be his successor.<\/p>\n

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WOW<\/p>\n

Starbucks just stole Chipotle’s CEO<\/p>\n

Laxman Narasimhan is out <\/p>\n

Brian Niccol is in pic.twitter.com\/CawH1RnuUi<\/a><\/p>\n

\u2014 Morning Brew \u2615\ufe0f (@MorningBrew) August 13, 2024<\/a><\/p>\n<\/blockquote>\n

Earlier this year, Schultz wrote an open letter on LinkedIn<\/a> about the company\u2019s financial state. Though he did not mention Narasimhan by name, he offered the chain some advice, noting that \u201csenior leaders \u2014 including board members \u2014 need to spend more time with those who wear the green apron,\u201d referring to baristas in each store.<\/p>\n

\u201cOne of their first actions should be to reinvent the mobile ordering and payment platform \u2014 which Starbucks pioneered \u2014 to once again make it the uplifting experience it was designed to be,\u201d Schultz wrote in May. \u201cThe go-to-market strategy needs to be overhauled and elevated with coffee-forward innovation that inspires partners, and creates differentiation in the marketplace, reinforcing the company\u2019s premium position. Through it all, focus on being experiential, not transactional.\u201d<\/p>\n

While pointing out that he is \u201cno longer\u201d on \u201cthe Starbucks board of directors\u201d and has had \u201cno formal role within the company since April 2023,\u201d Schultz pointed out that his \u201clove of the company and all those who wear \u2018the cloth of the company\u2019 \u2014 the iconic green apron \u2014 knows no bounds.\u201d<\/p>\n

\u201cI, too, experienced some quarters of financial disappointment in my four-plus decades leading Starbucks,\u201d he continued. \u201cAsk any public-company CEO, and they will tell you that \u2018a miss\u2019 is virtually inevitable, even at the best-managed, fastest-growing firms.\u201d<\/p>\n

Toward the end of his letter, Schultz clarified that he was \u201ccertain\u201d that Starbucks \u201cwould recover\u201d from the financial slump, noting that it \u201ccreated an industry that did not exist.\u201d<\/p>\n

\u201cThe brand is one of the most recognized and respected in the world,\u201d he added. \u201cI am confident the China business will return to health and become the company\u2019s largest market. The brand is incredibly resilient, but it\u2019s clearly not business as usual.\u201d<\/p>\n<\/p><\/div>\n