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Starbucks CEO Howard Schultz Retires, Chipotle CEO Brian Niccol to Take Over

Subheadline: Niccol Takes Helm Amidst Declining Sales for Starbucks

In a surprising move, Starbucks announced today that its CEO, Howard Schultz, will be retiring. Taking his place will be Brian Niccol, the current chairman and CEO of Chipotle Mexican Grill.

Starbucks Struggles with Weak Demand and Disgruntled Employees

Starbucks has been facing a number of challenges in recent months, including weak demand for its products and disgruntled employees. The company's stock price has fallen by more than 20% over the past year, and it has been losing market share to competitors such as Dunkin' Donuts and McDonald's.

Niccol's Track Record at Chipotle

Niccol has a strong track record at Chipotle, where he has served as CEO since 2018. During his tenure, Chipotle's stock price has risen by more than 100%, and the company has outperformed its competitors. Niccol is credited with turning around Chipotle's business after a series of food safety scares in 2015 and 2016.

Challenges Ahead for Niccol

Niccol will face a number of challenges in his new role at Starbucks, including the company's declining sales and disgruntled employees. He will also need to find a way to compete with Starbucks' growing number of competitors.

Conclusion

Niccol's appointment is a bold move by Starbucks, and it remains to be seen whether he can turn around the company's fortunes. However, his track record at Chipotle suggests that he has the skills and experience to succeed.