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Starbucks has announced Brian Niccol as its new Chairman and CEO. He succeeds Laxman Narasimhan, who is stepping down as CEO and Member of the Board effective immediately.
Niccol will commence his new position on 9 September 2024, while Chief Financial Officer Rachel Ruggeri will serve as Interim CEO until that date. Board Chair Mellody Hobson will become Lead Independent Director.
“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience. Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world,” says Lead Independent Director Mellody Hobson.
Niccol is currently Chairman and CEO of Chipotle Mexican Grill, an international chain of fast-casual restaurants. In this role he has predominantly focused on the brand, people, culture, menu innovation, and digital transformation while also driving growth and creating value.
According to Starbucks, during his leadership revenue and profits have increased while stock price has risen by approximately 800 per cent. In terms of his commitment to culture, wages for retail team members also improved and employee benefits were expanded.
“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners. 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 energised 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,” says Niccol.
Niccol’s career commenced at Procter & Gamble where he worked in brand management. Since becoming Chairman and CEO of Chipotle in March 2018, he went on to hold position as Chairman of the Board in March 2020.
He is also a current Member on the Board of directors of Walmart Inc, and previously held positions on the board of KB Home and Harley-Davidson. Niccol holds an undergraduate degree from Miami University and an MBA from the University of Chicago Booth School of Business.
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