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.
Karnataka Assembly bypolls victory: Shivakumar gives credit to CM Siddaramaiah's leadership
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Saturday gave credit to Chief Minister Siddaramaiah's leadership as well as the five guarantees for the Congress party’s success in the assembly bypolls.
Shivakumar said this victory was a prelude to the 2028 assembly election where the party would once again win.
The Congress won the Channapatna, Shiggaon and Sandur Assembly segments.
The by-elections were held on November 13 and the results were announced today.
The ruling Congress on Saturday retained its strong hold of Sandur, with its candidate E Annapoorna, winning the seat by defeating BJP's ST Morcha president Bangaru Hanumanthu.
In the Channapatna segment, Congress' C P Yogeeshwara won the high profile seat by defeating JD(S) candidate and Union Minister H D Kumaraswamy's son Nikhil Kumaraswamy.
Similarly, Congress' Yasir Ahmed Khan Pathan won the Shiggaon Assembly segment by defeating former Chief Minister Basavaraj Bommai's son Bharath Bommai.
"Our guarantees, Siddaramaiah’s leadership and our workers and MLAs are responsible for our victory," Shivakumar told reporters.
He said neither Nikhil Kumaraswamy nor Bharath Bommai lost the election. In fact, this was the defeat of their parents -Union Minister H D Kumaraswamy and BJP MP Basavaraj Bommai.
"With this victory, our tally has now gone up to 138. There are other numbers as well, but I will not spell out how some people have internally supported us," Shivakumar, who is also Congress state president, said.
The Karnataka Assembly has 224 seats.
The Deputy CM advised his opponents to focus on development works instead of making baseless allegations as it would fetch them nothing but a constant defeat.
