Starbucks' new CEO sends stocks soaring

Starbucks has dismissed Laxman Narasimhan, who had been CEO for about a year, and appointed Chipotle CEO Brian Niccol in his place. In a statement made by Starbucks, it was announced that Narasimhan has stepped down from his roles as CEO and board member of the company. The statement, which stated that Brian Niccol, who is currently the top executive of Chipotle, has been appointed as the president and CEO of Starbucks, noted that Niccol will start his new position on September 9. The statement reported that Starbucks Chief Financial Officer (CFO) Rachel Ruggeri will serve as the interim CEO until the said date. Following the statement, Starbucks shares increased by more than 21 percent, while Chipotle shares fell by 12 percent. Starbucks, one of the companies that has faced protests and boycott campaigns due to Israel's attacks on Gaza, had its financial results negatively affected in the last two quarters. The US coffee chain’s revenue fell by 2 percent in the January-March period, while its global sales fell by 4 percent, its first decline since the end of 2020. In the April-June period, the company’s revenue fell by 0.6 percent and its global sales fell by 3 percent.