Starbucks appointed Brian Niccol as its new CEO and Chairman, replacing Laxman Narasimhan who had only been in the role since March 2023. Analysts believe he is well-suited for the Starbucks role, having previously turned around Chipotle's business. Starbucks stock jumped 20% on the announcement, while Chipotle stock fell 9% as investors reacted to the leadership changes at both companies. Starbucks has struggled recently with same-store sales declines in the US as competition increases and customers cut back amid high inflation. His appointment may signal an end to the decades-long influence of former CEO Howard Schultz.
