Starbucks CEO Laxman Narasimhan has resigned

Coffee chain Starbucks announced tuesday that CEO Laxman Narasimhan will step down after exactly one year. Chipotle CEO Brian Nicol will be the new chairman and CEO effective september 9.
Nicole has led the Mexican food chain since 2018. Starbucks said in a statement that Nicholl "has set new standards in the industry and driven significant growth and value creation," and is said to have increased nearly 800 percent during his tenure.
Rachel Ruggeri, Starbucks' chief financial officer, will serve as interim CEO during that time. Starbucks said in a statement that Melody Hobson, the chairman of Starbucks, will become an independent chief executive.
We are very excited to welcome Brian to Starbucks. His impressive performance speaks for itself. Brian is a culture leader who brings a wealth of experience and a proven track record of innovation and growth. Like all of us at Starbucks, Hobson said, he knows that the customer experience comes from a partner experience. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”

Niccol 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.”

“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,” he added

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, Starbucks stated.
“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 well and know he will do great things in the future.

Nicole joined Chipotle in march 2018 as CEO and director and became Chairman of the Board in march 2020. Prior to joining Chipotle, she served as CEO of Taco Bell. Prior to becoming CEO, he held roles including Chief Marketing Officer and Chief Innovation Officer and President. He also held leadership roles at pizza Hut, another division of Yum! Brands He began his career in brand management at Procter and Gamble.
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Sudha Subbiah

13/08/2024 09:28 PM