Key TakeawaysChipotle chief executive Brian Niccol will take over as CEO and chairman of Starbucks next month.The burrito giant's longtime CFO is also set to retire, though he will now stay on indefinitely in another role to aid the transition.Chipotle's leadership team has presided over a resurgent brand and a rising stock that recently split 50-for-1. Shares of Chipotle Mexican Grill (CMG) fell Tuesday on the news that the burrito giant would be replacing a heaping helping of the leadership that has helpe ...

WEST PALM BEACH, Fla., Aug. 13, 2024 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), today released the following statement from Elliott Managing Partner Jesse Cohn and Partner Marc Steinberg regarding Starbucks Corporation (NYSE: SBUX) (the "Company" or "Starbucks") and its engagement with the Company:Elliott has become one of the largest investors in Starbucks because of our confidence in the long-term value-creation opportunity we see at one of the world's most important brands. Elliott h ...

Key TakeawaysStarbucks shares surged Tuesday after announcing the hiring of Chipotle CEO Brian Niccol to replace Laxman Narasimhan.Niccol will take the Starbucks job Sept. 9, and Chipotle COO Scott Boatwright will take over as interim CEO once Niccol departs.The move comes as Starbucks has faced pressure from activist investors Elliott Investment Management and Starboard Value, who reportedly had bought stakes and advocated for change. Starbucks (SBUX) shares jumped 13% higher before the opening bell Tuesda ...

Starbucks announced on Tuesday that it is replacing CEO Laxman Narasimhan with Chipotle chief Brian Niccol, marking the coffee giant's fourth chief executive in two years.  Niccol will take over as CEO of the coffee chain starting Sept. 9 following his six-year stint at Chipotle.Narasimhan, who was tapped to take over for interim CEO Howard Schultz in March 2023, is also stepping down from Starbucks' board effective immediately.  SUPREME COURT SIDES WITH STARBUCKS IN CASE OVER FIRED PRO-UNION WORKERS Starbu ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Starbucks announced Tuesday it will be replacing current CEO Laxman Narasimhan with Chipotle leader Brian Niccol after months of slowing sales, according to reports. The company said Niccol — who has been widely praised for a turnaround at Chipotle that has boosted the burrito chain’s stock by more than 50% over the past year — will assume the executive position on Sept. 9, according to The Wall Street Journal. The sudden change in leadership follows a 20% stock drop for Starbucks since Narasimhan took the ...

Chipotle stock fell as much as 10% in premarket trading Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks.Niccol began as Chipotle CEO in March 2018. Chipotle stock has risen more than 700% since since he took over.Chipotle's board named Chief Operating Officer Scott Boatwright as interim CEO. He's been at the company since 2017. The board also announced that Chief Financial Officer Jack Hartung, who had announced his intention to retire, would ...

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Starbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol.Shares of Starbucks rose 10% in premarket trading on the news.Narasimhan took over as chief executive in March 2023. The coffee giant's performance has struggled this year, hurt by weak sales in the U.S. and China. Activist investors Elliott Management and Starboard Value had acquired stakes in the company in recent weeks.Starbucks CFO Rachel Ruggeri will step in as interim chief executive until Sept. 9, when Nic ...

U.S. stocks traded mixed toward the end of trading, with the S&P 500 edging higher on Monday.The Dow traded down 0.47% to 39,310.03 while the NASDAQ rose 0.17% to 16,773.12. The S&P 500 also fell, dropping, 0.08% to5,339.84.Leading and Lagging SectorsInformation technology shares climbed by 1% on Monday.In trading on Monday, real estate shares fell 1.1%.Top HeadlineStarbucks Corp SBUX shares gained around 2% on Monday following a report suggesting activist investor interest is brewing.According to a Wall St ...