Starbucks Appoints Chipotle CEO Brian Niccol as New CEO Amid Sales Drop ☕️

Starbucks has replaced CEO Laxman Narasimhan with Chipotle CEO Brian Niccol, effective immediately. Narasimhan had only been CEO since March 2023. Starbucks has been struggling with declining sales in the US and China, its two largest markets. Sales were down 3% in the most recent quarter. Activist investor Elliott Management had recently taken a stake in Starbucks, putting more pressure on the company. Under Niccol, Chipotle has seen traffic and sales grow against current restaurant industry declines.