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.
Meanwhile, what they serve at Chipotle is not worth even half of what they charge for it.
Yeah both these companies have been run into the ground in my opinion. They’re just coasting on inertia at this point.