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.
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23-year-old woman found dead at Delhi home; suicide suspected
New Delhi (PTI): A 23-year-old woman was found dead in her house in Delhi's Prem Nagar area, with police suspecting it to be a case of suicide, an official said on Tuesday.
The deceased, identified as Anjali Singh, was found motionless in her room on Monday by her sister and her neighbour.
Police said her father, Vinod Kumar Singh (51), told them that he and his wife were away at work at the time of the incident, while their son and the other daughter were also not at home at the time of the incident.
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According to the family, the room in which Anjali was found was locked from the inside. The door was later forcibly opened by a neighbour and her sister with the help of a crowbar.
Her body was found lying on the bed inside the room, police said.
Preliminary inquiry revealed that Anjali had allegedly hanged herself using a piece of cloth tied to the ceiling fan.
It is suspected that the noose eventually might have loosened or torn off, resulting in her being found lying on the bed.
Family members informed the police that Anjali was a final-year student of a librarian science course from Indira Gandhi National Open University (IGNOU). About a week ago, her final-year examination results were declared, and she had failed, following which she had been under depression, they said.
The family has not raised any allegation of foul play, police said, adding that no suicide note or external injury marks were found on the body during the initial inspection.
Inquest proceedings have been initiated in the matter as per the law. The body has been sent for post-mortem examination to ascertain the exact cause of death, and further investigation is underway, police added.
