Starbucks has named Cheaptortel CEO Brian Niccol as its new CEO, a decision that comes as the coffee chain grapples with a lack of investment, slowing sales and a declining stock price.
Starbucks said Tuesday that Nicole will begin her new role on Sept. 9. The company’s chief financial officer, Rachel Ruggeri, will serve as interim CEO until then, and board chair Mellody Hobson will become Starbucks’ lead independent director.
The company said its current CEO, Laxman Narasimhan, has resigned with immediate effect.
With Starbucks being appointed Lose support from consumers Globally, quarterly sales declined for the first time since early 2020. Store traffic was down 3% year-over-year between January and March, and the company’s stock price has fallen 18% so far this year.
According to Starbucks, since Nicole became CEO of Chipotle in 2018, the burrito chain’s sales have doubled and profits have jumped nearly 800%. Chipotle’s stock has risen 24% since January.
