On August 13th, Starbucks announced that current global CEO Laxman Narasimhan will resign from his positions as CEO and member of the Starbucks board of directors, effective immediately.
Meanwhile, Starbucks announced the appointment of Brian Niccol as Chairman and CEO, who will take office on September 9, 2024. Prior to Niccol's official appointment, Starbucks CFO Rachel Ruggeri will serve as interim CEO.
Starbucks stated that Niccol served as CEO and Director of Chipotle Mexican Grill from March 2018 and became Chairman in March 2020. Prior to this, he served as the CEO of Taco Bell Corporation. The statement stated that Niccol has changed the Chipole Mexican Barbecue, driving significant growth in company revenue, stock price, and other indicators, as well as improving employee benefits.