Laxman Narasimhan is stepping down as CEO of Starbucks, just 17 months into his tenure, as the company grapples with falling sales, union disputes, and activist investors. Chipotle CEO Brian Niccol will take over in September, with Starbucks CFO Rachel Ruggeri serving as interim CEO.
Under Narasimhan’s leadership, Starbucks faced declining same-store sales, with significant drops in both the U.S. and China. The company also clashed with unions and came under pressure from activist investors like Elliott Management and Starboard Value. Former CEO Howard Schultz emphasized the need for Starbucks to focus on customer experience and reclaim its premium positioning.
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