brian niccol laxman narasimhan starbucks stock sbux stock cmg stock starbucks ceo chipotle stock sbux chipotle ceo cmg mellody hobson howard schultz

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00:00This is Emma and Starbucks names Brian Nicol as Chairman and Chief Executive Officer.

00:05Brian Nicol will join Starbucks on September 9, 2024.

00:09Melody Hobson will be lead independent director.

00:12Laxman Narasimhan is stepping down as CEO and as a director effective immediately.

00:16Rachel Ruggeri will serve as interim CEO.

00:19BusinessWire, Starbucks, Nasdaq, SVUX today announced that Brian Nicol has been appointed Chairman and Chief Executive Officer.

00:26Nicol will start in his new role on September 9, 2024.

00:30Starbucks Chief Financial Officer, Rachel Ruggeri, will serve as interim CEO until that time.

00:35Melody Hobson, Starbucks Board Chair, will become lead independent director.

00:39Nicol currently serves as Chairman and CEO of Chipotle.

00:42Since becoming CEO in 2018, Nicol has transformed Chipotle.

00:46His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation

00:53have set new standards in the industry and driven significant growth and value creation.

00:58Revenue has nearly doubled, profits have increased nearly sevenfold,

01:02and the stock price has increased by nearly 800% during his leadership.

01:06All while increasing wages for retail team members, expanding benefits, and strengthening the culture.

01:12We are thrilled to welcome Brian to Starbucks.

01:15His phenomenal career speaks for itself.

01:17Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth.

01:23Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience.

01:30Said Hobson.

01:31Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.

01:38I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company

01:45alongside hundreds of thousands of devoted partners.

01:48Said Nicol.

01:49I have long admired Starbucks' iconic brand, unique culture, and commitment to enhancing human connections around the globe.

01:56As I embark upon this journey, I am energized by the tremendous potential to drive growth

02:01and further enhance the Starbucks experience for our customers and partners,

02:05while staying true to our mission and values.

02:07Laxman Narasimhan is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect.

02:14During his tenure, he improved the Starbucks partner experience,

02:18drove significant innovation in our supply chain, and enhanced our store operations.

02:23On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks

02:28and his dedication to our people and brand, said Hobson.

02:31In the face of some challenging headwinds, Laxman has been laser-focused on improving the business

02:36to meet the needs of our customers and partners.

02:40We all wish him the very best and know he will do great things in the future.

02:46Nicol joined Chipotle as Chief Executive Officer and a Director in March 2018

02:50and became Chairman of the board in March 2020.

02:53Before joining Chipotle, he served as Chief Executive of Taco Bell.

02:57Before becoming CEO, he held roles including Chief Marketing and Innovation Officer and President.

03:03He also served in leadership roles at Pizza Hut, another division of Yum! Brands.

03:08He began his career in Brand Management at Procter & Gamble.

03:11Nicol currently serves on the board of Directors of Walmart, Inc.

03:14He previously served on the board of KB Home and Harley-Davidson.

03:18Nicol holds an undergraduate degree from Miami University

03:21and an MBA from the University of Chicago Booth School of Business.

03:25Having followed Brian's leadership and transformation journey at Chipotle,

03:29I've long admired his leadership impact.

03:32His retail excellence and track record in delivering extraordinary shareholder value

03:36recognizes the critical human element it takes to lead a culture and values-driven enterprise.

03:42I believe he is the leader Starbucks needs at a pivotal moment in its history.

03:46He has my respect and full support, said Howard Schultz, Starbucks founder and Chairman Emeritus.

03:52I thank Melody and the Starbucks board for their deep commitment to shaping the future,

03:57this remarkable global phenomenon that is Starbucks.

04:00Riguri is a 23-year Starbucks partner.

04:02She has been CFO since 2021.

04:05About Starbucks.

04:06Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality Arabica coffee.

04:13Today, with more than 39,000 stores worldwide,

04:17the company is the premier roaster and retailer of specialty coffee in the world.

04:22Through our unwavering commitment to excellence and our guiding principles,

04:26we bring the unique Starbucks experience to life for every customer,

04:30who every cup.

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