The chief executive of Chipotle Mexican Grill is moving over to Starbucks, the coffee chain announced on Tuesday.
Brian Niccol, who has held the top position at Chipotle since 2018, will take the helm of Starbucks next month, the company said. He will replace Laxman Narasimhan, whose relatively brief tenure began in March last year, when he became the first chief executive to come from outside the company.
Mr. Niccol’s career also includes a stint as chief executive of Taco Bell.
The sudden change in management comes as the coffee chain grapples with weak results in the United States and China, and amid pushback from activist investors who are looking for a shake-up to address slowing sales. The company has also faced mounting pressure from union officials and activists who argue it illegally retaliated against workers and resisted contract negotiations, in the midst of a nationwide union campaign.
Mr. Narasimhan will step down as chief executive and board director immediately, with the chief financial officer Rachel Ruggeri stepping in as interim chief executive until Sept. 9.
“I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners,” Mr. Niccol said in a statement.
Shares of Starbucks rose more than 13 percent in premarket trading on the news.
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