Starbucks has had four different CEOs since 2022, but board members are banking on former Chipotle CEO Brian Niccol to turn things around.
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00:00Starbucks baristas are overworked, wait times are longer, and drinks are more expensive.
00:04America's biggest coffee chain is just not what it used to be, and customers have noticed.
00:08The company released a painful 4th quarter earnings report,
00:11revealing a 3% drop in revenues and a 7% drop in store sales.
00:15But new CEO Brian Nickel plans to get the brand back to its core identity
00:19through a strategic plan called Back to Starbucks.
00:21Nickel was offered a $113 million payday for the job,
00:25and has outlined a list of measures to return to the old Starbucks,
00:28including slimming down its menu and working on completing orders within 4 minutes.
00:32He also wants to separate the in-store experience from the mobile order pickup experience,
00:36since mobile purchases now make up more than 30% of all orders.
00:40They'll also prioritize more workers and better scheduling to fix Starbucks' atmosphere.