Starbucks CEO Laxman Narasimhan out, Chipotle's Brian Niccol in

Coffee chain giant Starbucks CEO Laxman Narasimhan is stepping down effective immediately after just one year in the role. Starbucks CEO Laxman Narasimhan steps down, Chipotle's Brian Niccol takes the reins The company has announced that Chipotle CEO Brian Niccol will take over as chairman and CEO starting September 9. Mellody Hobson, Starbucks' new lead independent director, praises, “Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.” “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.” Narasimhan out after just 6 months amid sales slump Since taking over in March 2023, Narasimhan has overseen a period of declining sales and customer dissatisfaction. Retail analyst Neil Saunders, managing director at GlobalData Retail, noted that while some of Starbucks’ recent struggles can be attributed to a more cautious consumer base, much of the downturn is due to a “worsening store experience and a lack of innovation in areas like food.” Saunders added, “Because of this, Starbucks has been losing share to smaller, independent coffee shops and other rivals for a while, and the failure of Narasimhan to address this convincingly has irked investors,” and that's why they parted ways with Narasimhan.