Tuesday, December 3, 2024

Chipotle replaces Starbucks CEO Laxman Narasimhan with CEO Brian Nicol

Restaurants has hired Chipotle CEO Brian Nichol to replace Starbucks CEO Laxman Narasimhan.

CNBC (L) | Getty Images (R)

Starbucks The replacement of its CEO Laxman Narasimhan was announced on Tuesday Chipotle CEO Brian Nicol.

On the news, Starbucks shares rose 10% in premarket trading, while Chipotle shares fell 10%.

Narasimhan took over as CEO in March 2023. The coffee company’s performance has been particularly poor this year, hurt by lower sales in its two biggest markets, the US and China. Former CEO Howard Schultz, who picked Narasimhan as his successor, wrote an open letter in May weighing in on the company’s issues and offering advice but never mentioning Narasimhan by name. Enthusiast investor Elliott Management bought a stake in the company in recent weeks.

Starbucks shares fell 21% during Narasimhan’s tenure, excluding Tuesday’s move.

Narasimhan’s exit is effective immediately. Starbucks CFO Rachel Ruggeri will serve as interim chief executive until September 9, when Nicole officially takes over the leadership role.

Nicole has served as CEO of Chipotle since 2018. Before that he headed Yum Brands’ Taco Bell. As Chipotle’s CEO, he helped it recover from a foodborne illness scandal and steered its restaurants through pandemics. In recent quarters, while other restaurants have seen a sharp pullback in consumer spending, Chipotle has bucked the trend by increasing its traffic and sales.

Chipotle’s COO Scott Boatwright will serve as the burrito chain’s interim CEO. Chipotle CFO Jack Hartung, who planned to retire next year, will now stay on as head of strategy, finance and supply chain.

See also  Pineapple Express: Atmospheric River Stalls in Southern California, Adding to String of Floods and Mudslides

This is breaking news. Refresh for updates.

Related Posts

The Rise of Online Casinos: How Technology is Reshaping the Gambling Industry

The rise of online casinos has contributed to the...

Live Betting vs Traditional Betting: Pros and Cons

Betting has evolved over time. From placing wagers before...

Women in Casinos: Transforming the Esports Industry

The gaming world is changing. For years, men dominated...

Typhoon Kang-rae makes landfall in Taiwan with powerful winds

After authorities closed schools, offices and financial markets, evacuated...

Dow Jones Futures: Microsoft, Meta Earnings Beat; Robinhood Dives, Crypto Place Fall

Dow Jones futures fell overnight, while S&P 500 futures...

Israel orders evacuation of Baalbek residents in eastern Lebanon

Israel's military warned residents of the eastern Lebanese town...