Starbucks will welcome Brian Niccol on September 9, 2024. Mellody Hobson will serve as the primary independent director. Effective immediately, Laxman Narasimhan will relinquish his positions as CEO and director. Rachel Ruggeri will assume the role of interim CEO.
Brian Niccol has been appointed as the chairman and chief executive officer of Starbucks (NASDAQ: SBUX), the company disclosed today in Seattle. Niccol will assume his new position on September 9, 2024. Rachel Ruggeri, Starbucks’ chief financial officer, will assume the role of interim CEO until that time. Mellody Hobson, the current chair of the Starbucks board, will assume the role of senior independent director.
Currently, Niccol is the Chairman and CEO of Chipotle. Niccol has revolutionized Chipotle since assuming the role of CEO in 2018. His emphasis on operational excellence, digital transformation, brand, menu innovation, and people and culture has established new industry standards and fostered substantial growth and value creation. During his tenure, the company’s revenue has nearly doubled, profits have increased by nearly sevenfold, and the stock price has risen by nearly 800%. Additionally, the company has enhanced the culture, expanded benefits, and increased wages for retail team members.
“We are delighted to welcome Brian to Starbucks.” His extraordinary career is self-evident. Brian is a culture ambassador who has a proven track record of generating innovation and development, as well as a plethora of experience. Hobson concurs that “he comprehends that an exceptional partner experience is the foundation of a remarkable consumer experience,” as do all of us at Starbucks.” “Our board is of the opinion that he will serve as a transformative leader for our company, our employees, and all those we assist globally.”
“I am thrilled to be a part of Starbucks and am appreciative of the chance to contribute to the management of this extraordinary organization, in conjunction with hundreds of thousands of loyal partners,” Niccol expressed. “I have long been enamored with Starbucks’ iconic brand, distinctive culture, and dedication to fostering human connections worldwide.” I am inspired by the immense potential to further improve the Starbucks experience for our customers and partners and drive growth as I begin this journey, all while adhering to our mission and values.
Laxman Narasimhan is resigning from his positions as CEO and a member of the Starbucks board with immediate effect. He enriched our store operations, drove significant innovation in our supply chain, and improved the Starbucks partner experience during his tenure.
“On behalf of the board, I would like to extend my sincere gratitude to Laxman for his contributions to Starbucks and his commitment to our brand and employees,” stated Hobson. “Laxman has been singularly committed to enhancing the business to satisfy the requirements of our customers and partners, despite the presence of several formidable obstacles.” We all extend our best wishes to him and are confident that he will achieve amazing things in the future.
In March 2018, Niccol assumed the roles of Chief Executive Officer and director at Chipotle. He was appointed Chairman of the Board in March 2020. He was the Chief Executive of Taco Bell prior to his appointment to Chipotle. Prior to his appointment as CEO, he served as President and Chief Marketing and Innovation Officer. Additionally, he held leadership positions at Pizza Hut, which is a division of Yum! Brands. He initiated his professional journey in brand management at Procter and Gamble.
Niccol is presently a member of the board of directors of Walmart Inc. He has held positions on the boards of Harley-Davidson and KB Home in the past. Niccol has an undergraduate degree from Miami University and an MBA from the University of Chicago Booth School of Business.
“I have long admired Brian’s leadership impact, having followed his leadership and transformation journey at Chipotle.” His retail excellence and track record of delivering extraordinary shareholder value acknowledge the critical human element required to lead a culture and values-driven enterprise. I am of the opinion that he is the leader that Starbucks requires at this critical juncture in its history. Howard Schultz, the founder and chairman emeritus of Starbucks, expressed his admiration and unwavering backing for him. “I am grateful to Mellody and the Starbucks board for their unwavering dedication to the development of this extraordinary global phenomenon, Starbucks.”
Ruggeri has been a Starbucks collaborator for 23 years. Since 2021, she has served as the chief financial officer.