Starbucks announced a major leadership change on Tuesday, revealing that Brian Niccol, the current CEO of Chipotle Mexican Grill, will be taking over as the company’s new chairman and CEO, replacing Laxman Narasimhan. This transition occurs less than a year after Narasimhan stepped into the role.

Niccol is set to officially assume his new position on September 9, 2024. Until then, Starbucks' Chief Financial Officer, Rachel Ruggeri, will serve as the interim CEO. Additionally, Mellody Hobson, the current Chairperson of Starbucks' board, will transition to the role of lead independent director.

In a press release, Starbucks expressed confidence in Niccol’s ability to lead the company, stating, "Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world." Niccol himself shared his excitement about the new role, saying, "I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners."

Mellody Hobson also took the opportunity to thank Narasimhan for his efforts during his tenure. "On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand," she said. Hobson praised Narasimhan’s focus on navigating the company through challenging times and wished him well in his future endeavors.

Brian Niccol comes to Starbucks with a robust background in leadership within the food and beverage industry. He joined Chipotle in March 2018 as CEO and was appointed Chairman of the Board in March 2020. Before his time at Chipotle, Niccol was the CEO of Taco Bell, where he held various key positions, including Chief Marketing and Innovation Officer and President. His career also includes leadership roles at Pizza Hut, another division of Yum! Brands, and he began his professional journey in brand management at Procter & Gamble.

In addition to his new role at Starbucks, Niccol currently serves on the board of Walmart Inc. and has previously been on the boards of KB Home and Harley-Davidson. He holds an undergraduate degree from Miami University and an MBA from the University of Chicago Booth School of Business.