Starbucks announced that Brian Niccol will become chairman and chief executive officer starting September 9, 2024, while Rachel Ruggeri will serve as interim CEO until then. Additionally, Mellody Hobson will transition from board chair to lead independent director.
Niccol, currently chairman and CEO of Chipotle, will assume his new role at Starbucks next year. Under Niccol's leadership at Chipotle since 2018, the company saw significant growth, with revenue nearly doubling, profits increasing sevenfold, and stock price rising by 800%, alongside improvements in employee wages and benefits. Niccol’s previous roles include CEO of Taco Bell and leadership positions at Pizza Hut and Procter & Gamble. Laxman Narasimhan is stepping down as Starbucks CEO and board member, having made advancements in partner experience, supply chain innovation, and store operations.
"I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners," said Niccol. "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 energized 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."
Starbucks was founded in 1971 at Seattle's Pike Place Market, initially selling coffee beans, tea, and spices. The company's name was inspired by the novel "Moby-Dick." In 1982, Howard Schultz joined the company and introduced the coffeehouse concept to Starbucks in 1987 after visiting Italy in 1983. The company expanded first within the U.S. and then internationally, opening stores in Japan, Europe, and China by the late 1990s. Starbucks now operates globally with a focus on coffee quality and customer experience.