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Starbucks has appointed Chipotle’s Brian Niccol as its new chief executive, with Laxman Narasimhan stepping down with immediate effect.
The coffee shop chain has been under pressure from activist investors, including Elliott Investment Management, who have built a stake in the company.
“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself,” said Mellody Hobson, Starbucks board chair, on Tuesday, citing his “proven track record of driving innovation and growth”.
Shares in Starbucks rose 11 per cent in pre-market trading. Chipotle shares fell 10 per cent.
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