Starbucks replaces CEO with the head of Chipotle
(NBC, KYMA/KECY) - Starbucks has announced a change at the top Tuesday as it seeks to revive flagging sales and appease outside investors.
The coffee chain said Brian Niccol, who has led burrito chain Chipotle, will take over as CEO starting in September.
Current CEO Laxman Narasimhan, who has led the company since March of last year, will leave.
Sales at Starbucks have cooled in the U.S. and China and the company's customers have repeatedly complained about rising prices and a decline in service.
In announcing the change, Starbucks said Niccol has "transformed" Chipotle.
Shares of Starbucks have been falling and activist investors had been pressuring Starbucks leadership to make changes.
