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Starbucks Appoints Brian Niccol as New CEO, Effective September 2024
SEATTLE, August 13, 2024 – Starbucks Corporation (NASDAQ: SBUX) announced a significant leadership transition today.
Brian Niccol Named as CEO and Chairman
Starbucks has appointed Brian Niccol, the current Chairman and CEO of Chipotle, as its new Chairman and Chief Executive Officer. Niccol will officially step into his role on September 9, 2024.
Interim Leadership by Rachel Ruggeri
Until Niccol's appointment, Rachel Ruggeri, Starbucks' Chief Financial Officer, will serve as the interim CEO. Mellody Hobson, the current Board Chair, will take on the role of Lead Independent Director.
Brian Niccol’s Transformative Leadership
Niccol's tenure at Chipotle has been marked by significant growth and innovation. Since becoming CEO in 2018, he has nearly doubled the company's revenue, increased profits by sevenfold, and boosted the stock price by 800%. Niccol's leadership is characterized by a strong focus on people, culture, brand innovation, operational excellence, and digital transformation.
Statements from Starbucks Leadership
“We are thrilled to welcome Brian to Starbucks,” said Hobson. “His exceptional career and proven track record of innovation and growth make him an ideal leader for our company. Brian is a culture carrier who understands that a remarkable customer experience begins with an exceptional partner experience.”
Niccol also expressed his enthusiasm for joining Starbucks: “I am excited to help steward this incredible company alongside hundreds of thousands of devoted partners. I admire Starbucks' iconic brand, unique culture, and commitment to enhancing human connections worldwide. I look forward to driving growth and enhancing the Starbucks experience for customers and partners while staying true to our mission and values.”
Departure of Laxman Narasimhan
Laxman Narasimhan, the current CEO, is stepping down from his role and from the Starbucks Board effective immediately. His tenure was marked by significant improvements in partner experience, supply chain, and store operations.
Gratitude and Future Prospects
Hobson extended her gratitude to Narasimhan: “On behalf of the Board, I want to sincerely thank Laxman for his contributions to Starbucks. His dedication to our people and brand, especially during challenging times, has been invaluable. We wish him all the best in his future endeavors.”
Niccol’s Background and Previous Roles
Before joining Chipotle, Niccol held leadership roles at Taco Bell, Pizza Hut, and Procter & Gamble. He currently serves on the Board of Directors of Walmart Inc. and has previously served on the boards of KB Home and Harley-Davidson.
Support from Howard Schultz
Howard Schultz, Starbucks' founder and Chairman Emeritus, expressed his support for Niccol: “Brian's leadership and transformation journey at Chipotle has been remarkable. I believe he is the leader Starbucks needs at this pivotal moment in its history. He has my respect and full support.”
Interim Leadership by Rachel Ruggeri
Rachel Ruggeri, a 23-year partner at Starbucks and CFO since 2021, will lead the company as interim CEO until Niccol assumes his role.
Source: SBUX
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