Joins on Sept 9; is currently head of Chipotle (Il Sole 24 Ore Radiocor) - New York, 13 Aug - The US chain of coffeehouses Starbucks said that Brian Niccol has been appointed chairman and chief executive officer.

Niccol will start in his new role on September 9. The chief financial officer, Rachel Ruggeri, will serve as interim CEO until that time. Mellody Hobson, Starbucks' board chair, will become lead independent director.

Niccol currently serves as chairman and CEO of Chipotle. He joined Chipotle as CEO and a director in March 2018, and became chairman of the board in March 2020.

"Since becoming CEO in 2018, Niccol has transformed Chipotle.

His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation. Revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800% during his leadership, all while increasing wages for retail team members, expanding benefits, and strengthening the culture," Starbucks said in a statement.

'We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,' said Hobson. 'Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.' Laxman Narasimhan is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect, the company said.

AAA-Web

(RADIOCOR) 13-08-24 15:51:48 (0392) 5 NNNN