Starbucks, facing slowing sales for its lattes and Frappuccinos, a slumping stock, and agitation from activist investors, abruptly ousted its chief executive on Tuesday, replacing him with the chief executive of Chipotle Mexican Grill.
Brian Niccol, who has held the top position at Chipotle since 2018, will take the helm of Starbucks next month, the company said. He will replace Laxman Narasimhan, whose relatively brief tenure began in March last year, when he took over from Howard Schultz and became the first chief executive to come from outside the company. Starbucks’ chief financial officer, Rachel Ruggeri, will step in as interim chief executive until Sept. 9.