Starbucks announced the resignation of CEO Laxman Narasimhan due to weak demand and investor dissatisfaction. Brian Niccol, the current chairman and CEO of another company, will take on the role of chairman and CEO of Starbucks starting on Sept. 9. Narasimhan, who took over as CEO in March 2023, faced challenges such as declining sales and issues with competition and boycotts. Investors reacted negatively to Narasimhan’s leadership, leading to his departure.
Mellody Hobson, the chair of Starbucks’ board of directors, praised Niccol for his successful transformation of another company by focusing on innovation, operational excellence, and digital transformation. Starbucks’ founder Howard Schultz also expressed confidence in Niccol’s ability to lead the company effectively.
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