Laxman Narasimhan, CEO of Starbucks’ is out and Chipotle’s Brian Niccol is taking over

Laxman Narasimhan, CEO of Starbucks is stepping down immediately after just a year in the role of CEO, the company announced Tuesday.

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Brian Niccol, CEO of the struggling coffee chain has been tapped to Chipotle as new chairman and CEO, effective September 9.

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Starbucks’ stock increased more than 13% in premarket trading on the other hand Chipotle's decreased by 8%

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The Mexican-inspired food chain has been led by Niccol since 2018. He leads new standards in the industry and brings significant growth and value.

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Brian Niccol is a cultural CEO with a proven track record of driving innovation and growth. It is pointed to its revenue growing more than 800% during his tenure period.

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Narasimhan, CEO of Starbucks quit the board on Tuesday. He took over Starbucks in March 2023.

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Starbucks’ main problem is that its struggles reflect consumer fatigue with high prices at food chains, restaurants, and stores after years of price hikes.

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Narasimhan has less focused on improving the business to meet the needs of our customers but we wish him for the future.

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Another core factor that hell to Narasimhan’s ouster was the unhappiness of the former Starbucks CEO Howard Schultz. He blasted in a viral LinkedIn letter in May.

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Schultz said he has respect and full support for Brian Niccol in a statement to the Wall Street Journal.

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