Starbucks has named Brian Niccol as chairman and CEO, replacing Laxman Narasimhan who has stepped down.
Niccol will start his role on Sept. 9, according to a Starbucks announcement, and Rachel Ruggeri, who had been CFO, will serve as interim CEO until Niccol takes the helm. Mellody Hobson, Starbucks board chair, will become lead independent director.
Narasimhan joined Starbucks as CEO on October 1, 2022.
The news comes just months after Narasimhan announced “new geographic leadership” and a new global support structure that went into effect on April 1.
“We are making strong progress against our Triple Shot with Two Pumps Reinvention plan,” Narasimhan said in a March 18 statement. “To further accelerate progress, consistent with our ambitions, we are realigning the organization to balance clear geographical focus with investing in functional capabilities to scale around the world, generating productivity and reinvigorating our partner culture.”
Niccol currently serves as chairman and CEO of Chipotle. During his leadership time revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800%, according to the release.
“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,” Hobson said in the release. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”
“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” Niccol said in the release. “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 energized 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.”
Before joining Chipotle, Niccol served as chief executive of Taco Bell. Before becoming CEO he held roles including chief marketing and innovation officer and president. He also served in leadership roles at Pizza Hut, another division of Yum! Brands. He began his career in brand management at Procter and Gamble.
