The struggling coffee chain has tapped Chipotle CEO Brian Niccol to be its new chairman and CEO, effective September 9. Starbucks’ stock soared more than 13% in premarket trading, while Chipotle’s dipped 8%.
Niccol has been leading the Mexican-inspired food chain since 2018, with Starbucks saying he has set “new standards in the industry and driven significant growth and value creation,” pointing to its revenue growing nearly 800% during his tenure.
Was the revenue growth because of his guidance, or despite it? The boom of pickup and delivery in the past few years for places like Chipotle couldn’t have hurt. I haven’t been in one of their places recently without wondering how they’re staying in business, or why people keep coming back. That’s true of a lot of fast food places though…Carlin was right, we love to eat. Anything.