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Starbucks | 8-K: Starbucks names Brian Niccol as Chairman and Chief Executive Officer

SEC ·  Aug 15 05:16

Summary by Futu AI

Starbucks Corporation announced a significant leadership change on August 13, 2024. Brian Niccol, the current CEO of Chipotle Mexican Grill, Inc., has been appointed as the new CEO and chairman of Starbucks, effective September 9, 2024. Mellody Hobson, the current chairman, will transition to the role of lead independent director on the same date. This announcement follows the departure of Laxman Narasimhan from his role as CEO and board member of Starbucks, effective August 12, 2024. Narasimhan's exit is not due to any disagreement with the company. During the interim period, Rachel Ruggeri, Starbucks' CFO, will serve as the acting CEO. Niccol's appointment comes with a comprehensive compensation package, including a base salary, cash incentives, equity awards, and a signing bonus. His track record at Chipotle, where he led a significant transformation resulting in substantial growth and value creation, is highlighted as a key factor in his selection. Starbucks emphasizes Niccol's alignment with the company's culture and his potential to drive growth and innovation.
Starbucks Corporation announced a significant leadership change on August 13, 2024. Brian Niccol, the current CEO of Chipotle Mexican Grill, Inc., has been appointed as the new CEO and chairman of Starbucks, effective September 9, 2024. Mellody Hobson, the current chairman, will transition to the role of lead independent director on the same date. This announcement follows the departure of Laxman Narasimhan from his role as CEO and board member of Starbucks, effective August 12, 2024. Narasimhan's exit is not due to any disagreement with the company. During the interim period, Rachel Ruggeri, Starbucks' CFO, will serve as the acting CEO. Niccol's appointment comes with a comprehensive compensation package, including a base salary, cash incentives, equity awards, and a signing bonus. His track record at Chipotle, where he led a significant transformation resulting in substantial growth and value creation, is highlighted as a key factor in his selection. Starbucks emphasizes Niccol's alignment with the company's culture and his potential to drive growth and innovation.
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