Starbucks names Brian Niccol as Chairman and Chief Executive Officer
August 13 2024 - 8:05AM
Business Wire
Brian Niccol will join Starbucks on September 9, 2024.
Mellody Hobson will be lead independent director. Laxman Narasimhan
is stepping down as ceo and as a director effective immediately.
Rachel Ruggeri will serve as interim ceo.
Starbucks (NASDAQ: SBUX) today announced that Brian Niccol has
been appointed chairman and chief executive officer. Niccol will
start in his new role on September 9, 2024. Starbucks chief
financial officer, Rachel Ruggeri, will serve as interim ceo until
that time. Mellody Hobson, Starbucks board chair, will become lead
independent director.
Niccol currently serves as Chairman and CEO of Chipotle. Since
becoming CEO in 2018, Niccol has transformed Chipotle. 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. Revenue has
nearly doubled, profits have increased nearly sevenfold, and the
stock price has increased by nearly 800% during his leadership, all
while increasing wages for retail team members, expanding benefits,
and strengthening the culture.
“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,” said Hobson. “Our board believes he will be a
transformative leader for our company, our people, and everyone we
serve around the world.”
“I am excited to join Starbucks and grateful for the opportunity
to help steward this incredible company, alongside hundreds of
thousands of devoted partners,” said Niccol. “I have long-admired
Starbucks iconic brand, unique culture and commitment to enhancing
human connections around the globe. As I embark upon this journey,
I am energized by the tremendous potential to drive growth and
further enhance the Starbucks experience for our customers and
partners, while staying true to our mission and values.”
Laxman Narasimhan 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.
“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. “In the face of some challenging
headwinds, Laxman has been laser focused on improving the business
to meet the needs of our customers and partners. We all wish him
the very best and know he will do great things in the future.”
Niccol joined Chipotle as Chief Executive Officer and a director
in March 2018, and became Chairman of the Board in March 2020.
Before joining Chipotle, he served as Chief Executive of Taco Bell.
Before becoming CEO he held roles including Chief Marketing and
Innovation Officer, and President. He also served in leadership
roles at Pizza Hut, another division of Yum! Brands. He began his
career in brand management at Procter and Gamble.
Niccol currently serves on the board of directors of Walmart
Inc. He previously served on the board of KB Home and
Harley-Davidson. Niccol holds an undergraduate degree from Miami
University and an MBA from the University of Chicago Booth School
of Business.
“Having followed Brian’s leadership and transformation journey
at Chipotle, I’ve long admired his leadership impact. His retail
excellence and track record in delivering extraordinary shareholder
value recognizes the critical human element it takes to lead a
culture and values driven enterprise. I believe he is the leader
Starbucks needs at a pivotal moment in its history. He has my
respect and full support,” said Howard Schultz, Starbucks founder
and chairman emeritus. “I thank Mellody and the Starbucks board for
their deep commitment to shaping the future of this remarkable
global phenomenon that is Starbucks.”
Ruggeri is a 23-year Starbucks partner. She has been cfo since
2021.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 39,000 stores worldwide, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at stories.starbucks.com or
www.starbucks.com.
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