Starbucks has ousted its chief executive after less than two years on the job as the chain struggles with slumping sales.
The company, whose store traffic was down 3% in the January through March period, said that Laxman Narasimha, who took the reins in March 2023, is stepping down from his role as CEO and as a board member “with immediate effect.” Starbucks named Brian Niccol, CEO and chairman of Chipotle Mexican Grill, as its new chairman and CEO, effective Sept. 9. His appointment sent Starbucks’ stock soaring nearly 25%, while Chipotle shares fell over 7%.