Starbucks has replaced CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, effective immediately. Narasimhan had only been CEO since March 2023. Starbucks has been struggling with declining sales in the US and China, its two largest markets. Sales were down 3% in the most recent quarter. Activist investor Elliott Management had recently taken a stake in Starbucks, putting more pressure on the company. Under Niccol, Chipotle has seen traffic and sales grow against current restaurant industry declines.
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00:00It's Benzinga, and here's what's on the block.
00:02Starbucks has replaced CEO Waxman Narasimhan with Chipotle CEO Brian Nickel, effective
00:07immediately. Narasimhan had only been the CEO since March 2023. Starbucks has been struggling
00:14with declining sales in the U.S. and China, its two largest markets. Sales were down 3%
00:19in the most recent quarter. Activist investor Elliott Management had recently taken a stake
00:24in Starbucks, putting more pressure on the company. Under Nickel, Chipotle has seen traffic
00:28and sales grow against current restaurant industry declines. For all things money,
00:32visit Benzinga.com.