Starbucks appoints Brian Niccol as its new president amidst drop in customers
As of Sept. 9, the former head of the Chipotle fast food chain will take over at the coffee shop brand. The company's stock market value has already risen by 23%.
Starbucks store
U.S. coffee giant Starbucks, which for months has been facing a drop in customers amidst rising prices and pressure from its shareholders, announced Tuesday the departure with immediate effect of CEO Laxman Narasimhan.
In his position for 16 months, he will be replaced on Sept. 9 by the CEO of fast-food restaurant chain Chipotle, Brian Niccol.
"Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth," said Mellody Hobson, chairwoman of Starbucks' board of directors, in a statement.
Several investment firms purchased stake in the group recently and called for changes in strategy, according to the U.S. press.
Early this morning, Starbucks was up more than 23% on the stock market following the announcement.
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