Starbucks has announced that Brian Niccol has been appointed chairman and CEO. Niccol will start in his new role on September 9. Starbucks’ Chief Financial Officer, Rachel Ruggeri, will serve as interim CEO until that time. Mellody Hobson, Starbucks Board Chair, will become lead independent director.
Niccol currently serves as Chairman and CEO of Chipotle. Since becoming CEO in 2018, Niccol has transformed Chipotle. His focus on people and culture, brand, menu innovation, operational excellence and Digital Transformation have set new standards in the industry and driven significant growth and value creation. Revenue has nearly doubled, profits have increased nearly sevenfold and the stock price has increased by nearly 800% during his leadership, all while increasing wages for retail team members, expanding benefits and strengthening the culture.
“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” said Niccol. “I have long-admired Starbucks iconic brand, unique culture and commitment to enhancing human connections around the globe. 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.”
Laxman Narasimhan is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect. During his tenure, he improved the Starbucks partner experience, drove significant innovation in its supply chain and enhanced its store operations.