Starbucks announces new CEO

Starbucks names new CEO, current Chipotle CEO

Starbucks announced Tuesday it’s replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol.

SEATTLE - Seattle-based coffee giant Starbucks announced Tuesday that Laxma Narasimhan has stepped down as chief executive officer, and has been replaced with the chairman and CEO of Chipotle, Brian Niccol.

The company said Niccol will start his new role Sept. 9, and Starbucks chief financial officer, Rachel Ruggeri, will serve as interim CEO until that time. Mellody Hobson, Starbucks board chair, will become lead independent director.

Niccol has been the CEO of Chipotle since 2018, and became Chairman of the Board in March 2020.

NEW YORK, NY - JUNE 10: CEO of Taco Bell Corp. Brian Niccol rings the NASDAQ Opening Bell at NASDAQ MarketSite on June 10, 2015 in New York City. (Photo by Robin Marchant/Getty Images)

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"I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners," said Niccol. "I have long-admired Starbucks iconic brand, unique culture and commitment to enhancing human connections around the globe. As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values."

Before joining Chipotle, Niccol served as the CEO of Taco Bell and has had leadership roles at Pizza Hut.

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"We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience," said Hobson. "Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world."

Narasimhan succeeded longtime Starbucks leader Howard Schultz, who came out of retirement last spring to serve as interim CEO while the company searched for a new chief executive. He is stepping down from his role as CEO and a member of that Starbucks board effective immediately.

Laxman Narasimhan, chief executive officer of Latin America at PepsiCo Inc., speaks during the CEO Summit of the Americas in Lima, Peru, on Friday, April 13, 2018. The conference brings together leading CEOs and heads of state from the Americas regio

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"On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand," said Hobson. "In the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners. We all wish him the very best and know he will do great things in the future."

The Associated Press contributed to this report.