Starbucks (SBUX) has shared an announcement.
Starbucks Corporation has named Brian Niccol as its new CEO and Chairman of the Board, commencing September 9, 2024. Niccol, with a rich background as CEO of Chipotle and Taco Bell, and executive roles at Pizza Hut and Procter & Gamble, is set to receive a base salary of $1.6 million, significant annual cash incentives, and substantial equity awards. Mellody Hobson transitions to lead independent director as part of the leadership change. Meanwhile, Rachel Ruggeri will serve as interim CEO until Niccol’s tenure begins. This strategic move follows Laxman Narasimhan’s departure from the CEO role, which was not due to any internal disputes.
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