Starbucks Taps Chipotle CEO for Top Spot

Starbucks and, in turn, Chipotle are shuffling leadership members after Brian Niccol was announced as Starbucks’ next CEO, effective Sept. 9.

Niccol, CEO of Chipotle since 2018, will finish out the month before turning the reins over to interim CEO Scott Boatwright, who is Chipotle’s current chief operating officer. Amid the transition, Jack Hartung, who recently announced his upcoming retirement from Chipotle, will remain on indefinitely as president of strategy, finance and supply chain. Further, Scott Maw, Chipotle’s lead independent director, is chairman of the board, effective immediately.

At Starbucks, Laxman Narasimhan, CEO since Oct. 1, 2022, is stepping down immediately, and CFO Rachel Ruggeri will serve as interim CEO until Niccol’s start date. Mellody Hobson, Starbucks board chair, will become lead independent director.

Starbucks notes that, “Niccol has transformed Chipotle. His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation. Revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800% during his leadership, all while increasing wages for retail team members, expanding benefits and strengthening the culture.”

Niccol says he is “incredibly proud” of Chipotle’s accomplishments through his tenure. “The strategic priorities this team has put in place have positioned Chipotle to win today and enable future growth,” he adds. “It’s hard to leave such a great company and all of the talented people I’ve had the pleasure to work with, but I depart knowing the business is in great shape and poised for growth with a strong, experienced leadership team.”

Prior to Chipotle, Niccol served as chief executive of Taco Bell. Before that, he held roles including chief marketing and innovation officer, and president. He also served in leadership roles at Pizza Hut, and began his career in brand management at Procter and Gamble.

Niccol also currently serves on the board of directors of Walmart. He holds an undergraduate degree from Miami University and an MBA from the University of Chicago Booth School of Business.

“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” says Niccol. “I have long-admired Starbucks’ iconic brand, unique culture and commitment to enhancing human connections around the globe. As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values.”

Howard Schultz, Starbucks founder and chairman emeritus, comments, “I believe [Niccol] is the leader Starbucks needs at a pivotal moment in its history. He has my respect and full support.”