Starbucks Corp (NASDAQ:SBUX, ETR:SRB) is bringing in current Chipotle boss Brian Niccol as the coffee chain’s new chairman and chief executive.
Niccol will replace Laxman Narasimhan, who today announced his departure with immediate effect, on 9 September.
In the meantime, chief financial officer Mellody Hobson will serve as interim chief executive.
The news follows a prolonged tussle with renowned activist investor Elliot Management, which has been pushing for a major improvement on Starbucks’ share price.
Yesterday it was reported that Starbucks and Elliot Management were in the midst of settling their differences, with Narasimhan initially tipped to retain his board position.
“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.”
“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.”