Starbucks Shockingly Moved on From Its New CEO. You'll Never Believe Who His Replacement Is.

Early on Aug. 13 -- before I even started sipping my second cup of coffee -- Starbucks (NASDAQ: SBUX) shockingly announced that it hired Brian Niccol as its new CEO. Niccol has been CEO of Chipotle Mexican Grill (NYSE: CMG) since 2018. Shares of Starbucks soared on the news and I don't believe it's an overreaction in the least.Starbucks stock had been down roughly 40% from highs reached in 2021 and I (mostly) fault management. In September 2023, longtime CEO and board member Howard Schultz officially stepped down from his third tenure as CEO. But while he refrained from taking up the mantle a fourth time, he publicly voiced his concerns over the coffee giant's direction in his absence.Simply put, traffic is slipping at Starbucks, particularly at U.S. locations. The company's fiscal 2024 started back in October. And during the fiscal second quarter and the fiscal third quarter, U.S transactions were down 7% and 6% respectively.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool