Starbucks’ new CEO is a burrito chain expert who investors are implying is worth billions of dollars
Switching from burritos to beans can’t be that hard, right? That’s what the Starbucks board clearly thinks, as the struggling company is swapping CEOs after it came under pressure from activist investors. And, according to the initial reaction in pre-market trading, new CEO Brian Niccol is worth many billions of dollars to shareholders.
At the time of writing, SBUX stock is up more than 12% on the news, which would add more than $10 billion of value to the company’s market cap. Starbucks’ gain is Chipotle’s loss, however, as Niccol is set to join the coffee giant in September 2024 from the burrito chain, where he has had the top job since 2018, with Chipotle’s stock currently down more than 9% in premarket trading. Starbucks’ outgoing CEO, Laxman Narasimhan, had been in the job since he succeeded Howard Schultz in March 2023.
Niccol was previously the CEO of Taco Bell, and had senior positions at Pizza Hut. Just a few more top fast food jobs to go to collect ‘em all.
At the time of writing, SBUX stock is up more than 12% on the news, which would add more than $10 billion of value to the company’s market cap. Starbucks’ gain is Chipotle’s loss, however, as Niccol is set to join the coffee giant in September 2024 from the burrito chain, where he has had the top job since 2018, with Chipotle’s stock currently down more than 9% in premarket trading. Starbucks’ outgoing CEO, Laxman Narasimhan, had been in the job since he succeeded Howard Schultz in March 2023.
Niccol was previously the CEO of Taco Bell, and had senior positions at Pizza Hut. Just a few more top fast food jobs to go to collect ‘em all.
