Starbucks replaces Laxman Narasimhan with Chipotle’s Brian Niccol as CEO
Washington, Aug 13: In a surprise move, struggling multinational coffee chain Starbucks on Tuesday announced the appointment of Brian Niccol as chairman and chief executive officer replacing Indian-origin CEO Laxman Narasimhan who is stepping down.
Chipotle CEO Niccol will start in his new role on September 9, the company announced in a press release. Starbucks chief financial officer Rachel Ruggeri will serve as interim CEO until that time, it said.
Niccol, who will be Starbucks’ fourth CEO in just two years, has been leading the Mexican-inspired food chain since 2018, CNN reported.
Since becoming Chipotle’s CEO in 2018, Niccol has transformed the international chain of fast-casual restaurants specialising in Mexican cuisine, the release said.
“His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation,” the release said.
It said that revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800 per cent during his leadership.
“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,” Mellody Hobson, Starbucks’ new lead independent director, said.
“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” Niccol said.
Narasimhan, 57, is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect.
“During his tenure, he improved the Starbucks partner experience, drove significant innovation in our supply chain, and enhanced our store operations,” the release said.
“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.
Narasimhan, who is also leaving the board, took over Starbucks in March 2023 and has seen the coffee chain largely struggle under his purview. Most recently, the chain’s sales dropped 3 per cent globally at stores open for at least a year, including a 2 per cent drop in its home North America market, CNN reported.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Bypoll results will decide the future of Congress in Karnataka: BJP leader Ashoka
Bengaluru (PTI): Leader of Opposition BJP in the Karnataka Assembly R Ashoka said the results of the bypolls in Davanagere South and Bagalkote assembly constituencies will decide the future of the ruling Congress in the state.
The bypolls were necessitated following the demise of sitting Congress MLAs Shamanur Shivashankarappa and H Y Meti, who represented Davanagere South and Bagalkote constituencies respectively.
The ruling Congress has fielded Shamanur Shivashankarappa’s grandson and Karnataka Minister S S Mallikarjun’s son Samarth Shamanur in Davanagere South and Umesh Meti in Bagalkote, who are locked in a direct contest with BJP candidates T Dasakariyappa and Veerabhadrayya Charantimath.
According to Ashoka, there is a contest between the poor and the rich in the upcoming bypolls, scheduled on April 9.
"The Congress will lose this election, and the future of the state will be decided. Since Chief Minister Siddaramaiah has said ‘Make the poor win’, the BJP has fielded poor candidates,” the BJP leader said in a press conference.
In Davanagere, the BJP has given a ticket to an ordinary person, whereas Congress has given tickets to powerful and influential people. In Bagalkote, there is a very good opinion about the BJP candidate, he claimed.
According to him, the Congress has given space to dynastic politics in both places. Therefore, the BJP has a strong chance of winning in both constituencies.
The LoP said if the Congress candidate wins in Davanagere, it is understood that Muslims will not get opportunities in the future, and therefore, Muslims are opposing the Congress party.
He also charged that Chief Minister Siddaramaiah, who talks about uniting backward classes, has not given a ticket to backward class candidates.
