Starbucks: CEO fired - replaced by Chipotle boss
(CercleFinance.com) - Starbucks announced on Tuesday that it had terminated with immediate effect the functions of Laxman Narasimhan, its General Manager for just over a year and a half, who will be replaced by the current boss of Chipotle.
In a press release, the US coffee chain states that Brian Niccol will be joining its teams on 9 September, and that its CFO Rachel Ruggeri will hold the position of General Manager until then.
Starbucks, which has been struggling to revive its growth in recent quarters, not least due to the sluggish Chinese economy, points out that Niccol has succeeded, since his arrival at Chipotle in 2018, in transforming the Mexican-inspired fast-food chain by doubling its sales and multiplying its earnings by seven, resulting in a nearly 800% gain in its share price stock on the stockmarket.
Conversely, since the appointment of Laxman Narasimhan, the former head of consumer staples group Reckitt, as CEO in March 2023, Starbucks' share price has fallen by over 22%.
Starbucks shares are soaring over 20% on Tuesday in early trading following this publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
In a press release, the US coffee chain states that Brian Niccol will be joining its teams on 9 September, and that its CFO Rachel Ruggeri will hold the position of General Manager until then.
Starbucks, which has been struggling to revive its growth in recent quarters, not least due to the sluggish Chinese economy, points out that Niccol has succeeded, since his arrival at Chipotle in 2018, in transforming the Mexican-inspired fast-food chain by doubling its sales and multiplying its earnings by seven, resulting in a nearly 800% gain in its share price stock on the stockmarket.
Conversely, since the appointment of Laxman Narasimhan, the former head of consumer staples group Reckitt, as CEO in March 2023, Starbucks' share price has fallen by over 22%.
Starbucks shares are soaring over 20% on Tuesday in early trading following this publication.
Copyright (c) 2024 CercleFinance.com. All rights reserved.