Starbucks announces Brian Niccol as new CEO

Starbucks said that Niccol will officially assume his new position on September 9, while the company's CFO, Rachel Ruggeri, will act as interim CEO until then.

Starbucks announced the replacement of chairman and CEO Laxman Narasimhan with Brian Niccol, the current head of Chipotle Mexican Grill on Tuesday. This change comes less than a year after Narasimhan took over.

Starbucks said that Niccol will officially assume his new position on September 9, while the company's CFO, Rachel Ruggeri, will act as interim CEO until then.

"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," said a press release from Starbucks.

The company expressed confidence in Niccol's potential to drive transformation, and said, “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.