Shares in coffee chain jump after Laxman Narasimhan is replaced by Brian Niccol
Starbucks has ousted chief executive Laxman Narasimhan, replacing him with Chipotle’s Brian Niccol, as the world’s largest coffee chain responds to falling sales and pressure from an activist investor, unionised baristas and its former boss. Narasimhan is stepping down immediately, while Niccol will leave burrito chain Chipotle Mexican Grill at the end of this month and start his new role on September 9, Starbucks said on Tuesday.
Elliott, which controls a sizeable minority stake, said it had engaged with the board for two months “regarding our perspectives on the company’s key issues” and described the CEO change as “a transformational step forward”. As part of the changes announced on Tuesday, Hobson, who has called Schultz a close friend and has served on the board for 19 years, will be replaced as its chair by Niccol and become lead independent director.
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