The American coffee chain Starbucks announced a change in its CEO position on Tuesday. Laxman Narasimhan, who was removed from the role, will be replaced by Brian Niccol, the current head of the fast-food chain Chipotle.
This news brought a positive reaction in the stock market, with Starbucks shares, which had been underperforming this year, seeing a boost. The company had been under pressure for some time from Elliott Investment Management, a major shareholder in Starbucks, to improve its performance and, in turn, increase the stock price, as reported by Reuters.
Last month, Starbucks revealed that its global sales in stores open for at least one year had dropped by three percent. The steepest decline occurred in its domestic market in North America.
This negative trend also impacted the company’s stock, which has fallen by more than 17 percent since the beginning of the year and weakened by nearly a quarter over the past 12 months.
Niccol will take on his new role on September 9, and until then, the company will be led by the coffee chain’s Chief Financial Officer, Rachel Ruggeri.
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