A Starbucks logo hangs in the window of one of the chain's coffee shops in the Loop district of Chicago in a 2022 file photo.
Starbucks, struggling with weak demand and disgruntled investors, said Tuesday that CEO Laxman Narasimhan is stepping down after a little more than a year in the job, to be replaced by Chipotle's CEO for the last six years.A Starbucks logo hangs in the window of one of the chain's coffee shops in the Loop district of Chicago in a 2022 file photo. Chipotle CEO Brian Niccol will assume the same role for the coffee chain beginning next month.
Narasimhan, a longtime PepsiCo executive who has also served as the CEO of Reckitt, a U.K.-based consumer health company, became Starbucks's CEO in March 2023. He succeeded Howard Schultz, the longtime Starbucks leader and chairman emeritus who came out of retirement in 2022 to serve as the company's interim CEO.
In May, days after Starbucks cut its annual sales forecast, Schultz wrote on his LinkedIn account that its U.S. operations were the "primary reason for its fall from grace," and that senior leaders need to spend more time with workers.
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