Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
Starbucks announced Tuesday that it’s replacing its CEO with Chipotle's. Brian Niccol, who's led the Mexican-style chain since 2018, will take over the coffee giant starting next month. Laxman Narasimhan, who'd been with Starbucks for less than two years, will exit the company. Shares of Starbucks rose 14% in premarket trading on the news. The coffee giant’s performance has struggled this year, hurt by weak sales in the U.S. and China.
But in its release announcing the change, Starbucks said Niccol had 'transformed' Chipotle. 'His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation,' Starbucks said.
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