Starbucks SBUX analysts are mixed Tuesday on what the addition of Brian Niccol, previously CEO and Chairman of Chipotle Mexican Grill CMG, could mean for the coffee chain.
After an extended period of lackluster performance in the stock market amidst a boycott over its perceived stance on the conflict in Palestine, rising competition in China, and after contending for years with a nationwide drive to unionize stores, Starbucks (NASDAQ: SBUX) made an abrupt management change on August 13.
Starbucks is shockingly moving on from its CEO after just 17 months. The company has operational challenges and so it's bringing in a new CEO with the kind of track record that it needs.
Global coffeehouse chain and coffee supplier Starbucks Co. NASDAQ: SBUX made a bombshell announcement that it is replacing current CEO Laxman Narasimhan with the current CEO of Chipotle Mexican Grill Inc. NYSE: CMG Brian Niccol. The news caused Starbucks shares to surge by 22% in premarket trading, while Chipotle shares fell 13% as traders engaged in a pairs trade strategy.
Starbucks said Tuesday (Aug. 13) that it has appointed Chipotle Chairman and CEO Brian Niccol as CEO, effective Sept. 9, succeeding Laxman Narasimhan, who stepped down as CEO and director Tuesday.
Shares of Chipotle Mexican Grill (CMG) fell Tuesday on the news that the burrito giant would be replacing a heaping helping of the leadership that has helped its stock to guac-defying levels.
Starbucks has a new CEO.
NEW YORK, NY / ACCESSWIRE / August 13, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of Starbucks Corporation ("Starbucks") (NASDAQ:SBUX) concerning possible violations of federal securities laws. On May 1, 2024, Starbucks announced Q2 2024 results well-below expectations and Starbucks' own projections, and then announced significantly reduced full-year guidance for 2024.
NEW YORK, NY / ACCESSWIRE / August 13, 2024 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Starbucks Corporation ("Starbucks" or "the Company") (NASDAQ:SBUX). Investors who purchased Starbucks securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/SBUX.
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.
Starbucks (SBUX) shares jumped 13% higher before the opening bell Tuesday after the coffee giant announced the hiring of Chipotle Mexican Grill (CMG) Chief Executive Officer (CEO) Brian Niccol as its new CEO, replacing Laxman Narasimhan, who is departing immediately.
Starbucks Corp. is replacing CEO Laxman Narasimhan with Chipotle Mexican Grill chief Brian Niccol. He is slated to take over the role in early September.