Starbucks is tapping Chipotle CEO Brian Niccol to lead the company as it contends with activist investors and a sinking stock price.
Starbucks shares soared more than 20% on Tuesday after the coffee chain said it is ousting its current CEO, Laxman Narasimhan, and will replace him with Chipotle chief executive Brian Niccol. The move comes as Starbucks contends with activist investors, stagnant sales and a sinking stock price. Starbucks shares gained $15.93, or 21%, to $92.96 in early afternoon trading, after soaring as much as 24% earlier in the day.
He added, 'While some of the slowdown can be attributed to a more sluggish consumer cutting back, much is also the result of a worsening store experience and a lack of innovation in areas like food.'Activist investorsNarasimhan, a longtime PepsiCo executive who has also served as the CEO of Reckitt, a U.K. consumer health company, became Starbucks' CEO in March 2023.
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