Chipotle CEO Brian Niccol will take over as CEO of Starbucks Sept. 9, and he has the support of Starbucks founder and Chairman Emeritus Howard Schultz.
Starbucks (SBUX) on Tuesday tapped Chipotle Mexican Grill's (CMG) chief executive, Brian Niccol, to lead the company as the world's largest coffeehouse chain seeks to regain its footing amid slumping global sales and fend off attacks from disgruntled investors.
“It's probably fair to assume that other Starbucks executives didn't benefit from the stock pop the way she did.”
Major U.S. equities indexes jumped higher after the latest Producer Price Index (PPI) data showed a lower-than-expected uptick in wholesale prices during July.
Starbucks (SBUX) shares have had a rocky time in recent years, most notably under Chief Executive Officer (CEO) Laxman Narasimhan, who was ousted Tuesday and will be replaced by Chipotle Mexican Grill (CMG) CEO Brian Niccol.
Tuesday's news that Chipotle (CMG) CEO Brian Niccol is leaving to take the same role at Starbucks (SBUX) sent the companies' stocks in opposite directions. It also led analysts to reevaluate the companies, with Baird's David Tarantino upgrading Starbucks and lowering Chipotle's price target.
Hedge fund Elliott Management is investing in Starbucks and trying to help stop the company's fall from grace. Following the fund's investments has yielded returns that some may find surprising.
Starbucks stock rose 21% and Chipotle shares fell 7.5% after the burrito-retailer's CEO Brian Niccol departure to take over the coffee retail chain September 9, according to CNBC.
Starbucks has suddenly replaced its chief executive after the company suffered a bigger-than-expected drop in sales.
Chipotle's stock took a hit after its CEO was poached by Starbucks, raising questions about the company's future. Is this a buy opportunity?
Starbucks tapped Chipotle CEO Brian Niccol as its latest chief executive after ousting Laxman Narasimhan. Piper Sandler, TD Cowen and Baird all upgraded Starbucks' stock in the wake of the leadership changes.
Chipotle stock is plunging Tuesday after the burrito chain said its CEO Brian Niccol is leaving to take the top spot at Starbucks. Here's what you need to know.