Niccol will replace Laxman Narasimhan, who is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect
named Chipotle Mexican Grill head Brian Niccol as its new CEO on Tuesday in a management shakeup as it tries to fend off pressures from activist investor Elliott Investment Management.
But Starbucks stock has continued to suffer, losing roughly 20 per cent of its value over the last five years when the broad-market S&P 500 has gained more than 80 per cent. In July, the company fell short of sales expectations due to weakening demand in the United States and China. When asked if activist Elliot was consulted about the shakeup, Starbucks Board Chair Mellody Hobson said it had not been.
Elliott was seeking to add Jesse Cohn, an equity and managing partner in the firm, to the Starbucks board, Reuters reported Monday, citing sources.
Elliott Company Ceo Niccol Starbucks Board Demand Mellody Hobson Reckitt Elliott
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