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.
Traffic fraud: Fake 'no-entry' sticker racket busted in Delhi, mastermind among 3 held
New Delhi (PTI): Police here have busted a crime syndicate involved in traffic fraud and extortion, arresting three people including the alleged mastermind who sold fake stickers to help commercial vehicles bypass no-entry restrictions, an official said on Saturday.
The police said they dismantled a third organised syndicate linked to traffic-related frauds, with the arrest of Rinku Rana alias Bhushan, his associate Sonu Sharma and Mukesh Kumar alias Pakodi, who was also connected to another extortion syndicate.
According to the police, Rinku Rana was running a well-organised network that facilitated the movement of commercial goods vehicles during restricted hours by selling fake 'marka' or stickers for Rs 2,000 to Rs 5,000 per vehicle every month. The stickers were falsely projected as authorisation to evade traffic challans.
During raids, the police recovered Rs 31 lakh in cash, property documents worth several crores of rupees, over 500 fake stickers and six mobile phones allegedly used to operate the syndicate.
The crackdown followed a complaint filed by a traffic police officer in April this year after a commercial vehicle tried to evade checking by producing a fake sticker claiming exemption from enforcement action.
Investigation revealed that social media groups were being used to coordinate the illegal movement of vehicles and alert drivers about traffic police checkpoints, police said.
"A parallel system was being run to cheat drivers and vehicle owners while undermining traffic enforcement. On the basis of evidence, provisions related to organised crime under the BNS were invoked," a senior police officer said.
Sonu Sharma, the police said, managed social media groups through which stickers were sold and real-time alerts were circulated regarding traffic police movement. He also acted as a link between Rana and drivers operating in the field.
In a related development, Mukesh Kumar alias Pakodi, an associate of Rajkumar alias Raju Meena, who was earlier arrested under the Maharashtra Control of Organised Crime Act (MCOCA), was also apprehended.
Mukesh allegedly helped extort money from transporters and was involved in blackmailing traffic police personnel by recording enforcement actions, the police said.
Investigators alleged the syndicate led by Rajkumar deployed drivers to deliberately violate traffic rules and secretly record police officials during challans, later using manipulated videos to extort money under threat of false allegations.
The police said that in total, eight accused belonging to three different organised crime syndicates linked to traffic frauds and extortion have been arrested so far.
Further investigation is underway to trace the remaining members, conduct financial probes, and analyse digital evidence recovered during the raids, officials added.
