SAN FRANCISCO, Aug. 13 (Xinhua) -- Starbucks said on Tuesday that its CEO Laxman Narasimhan has resigned and Chipotle CEO Brian Niccol will take over the role on Sept. 9.
Narasimhan's resignation is effective immediately, and he is also leaving the board of directors, the U.S. Seattle-based coffee company said, adding that Starbucks Chief Financial Officer Rachel Ruggeri will serve as its interim CEO.
"On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand," Starbucks Board Chair Mellody Hobson said in a news release. "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."
Narasimhan became Starbucks' CEO in March 2023, taking the role from Howard Schultz. Under Narasimhan, the company has had two quarters in a row of falling sales.
Niccol, the incoming CEO, has been leading Chipotle since 2018. During his tenure, revenue has "nearly doubled, profits have increased nearly sevenfold and the stock price has increased by nearly 800 percent," according to Starbucks' news release.
