Brian Niccol to Take Over as Starbucks’ CEO in September 2024; No Impact on China Business
On the evening of August 13, Starbucks announced that Brian Niccol has been appointed as Chairman and Chief Executive Officer, and he will begin his new role on September 9, 2024. In the meantime, Starbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO until the appointment takes effect; Starbucks Board Chair Mellody Hobson will become the Lead Independent Director.
“We are thrilled to welcome Brian Niccol to Starbucks. His extraordinary career speaks for itself. He is a culture carrier who brings a wealth of experience and a strong track record of driving innovation and growth. Like all of us at Starbucks, he understands that an exceptional customer experience is rooted in an exceptional partner experience,” said Mellody Hobson. “Our board believes he will be a transformative leader for our company, our partners, and the people we serve around the world.”
According to Starbucks’ announcement, Brian Niccol currently serves as Chairman and CEO of Chipotle. Since becoming CEO in 2018, Brian Niccol has transformed Chipotle. His focus on talent and culture, brand, menu innovation, operational excellence, and digital transformation has set new standards for the industry and driven significant growth and value creation. Under his leadership, Chipotle’s revenue has nearly doubled, profits have grown nearly sevenfold, and the stock price has risen nearly 800%, while also raising wages for retail team members, expanding benefits, and strengthening culture.
Public information shows that Chipotle, full name Chipotle Mexican Grill, was established in 1993 and is positioned as a casual Mexican diner. WIND data shows that among its peers, Chipotle’s market value is only second to McDonald’s and Starbucks.
Brian Niccol said he was delighted to join Starbucks and grateful for the opportunity to help manage this incredible company with hundreds of thousands of loyal partners. “I have always admired Starbucks’ iconic brand, unique culture, and commitment to strengthening global relationships. As I embark on this journey, I am inspired by the tremendous potential of Starbucks to drive growth and further enhance our customer and partner experience, while staying true to our mission and values.”
Regarding the personnel changes at Starbucks, Starbucks China told Chinese media Daily Economic News that “the personnel adjustments at Starbucks headquarters do not involve the Chinese market. Our confidence and commitment to the Chinese market remain unchanged, and we will continue to focus on the long-term development of our business in China.”
