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Starbucks’ CEO is out. Chipotle’s Brian Niccol is taking over

www.cnn.com Starbucks’ CEO is out. Chipotle’s Brian Niccol is taking over | CNN Business

Starbucks CEO Laxman Narasimhan is stepping down immediately after just a year in the role, the company announced Tuesday.

Starbucks’ CEO is out. Chipotle’s Brian Niccol is taking over | CNN Business

The struggling coffee chain has tapped Chipotle CEO Brian Niccol to be its new chairman and CEO, effective September 9. Starbucks’ stock soared more than 13% in premarket trading, while Chipotle’s dipped 8%.

Niccol has been leading the Mexican-inspired food chain since 2018, with Starbucks saying he has set “new standards in the industry and driven significant growth and value creation,” pointing to its revenue growing nearly 800% during his tenure.

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