New Delhi: A day after multinational coffee chain Starbucks replaced Laxman Narasimhan with Brian Niccol, chief executive at Chipotle, a video of the Indian-origin CEO has been doing rounds on social media where he is seen saying he has never worked past 6 PM. While talking about the importance of work-life balance in an interview with Fortune magazine, Narasimhan said he finished his work by 6 pm and if anyone got a minute of his time after 6 pm, they “better be sure that it’s important”.
“I am very disciplined about balance. If there’s anything after 6 pm and I am in town, it’s got to be a pretty high bar to keep me away from the family. Anybody who gets a minute of time after that better be sure that it’s important… Because if not it will just wait for another day,” the 57-year-old had said on July 7.
Narasimhan, who is also leaving the board, took over Starbucks in March 2023 and has seen the coffee chain largely struggle under his purview. Most recently, the chain’s sales dropped 3 per cent globally at stores open for at least a year, including a 2 per cent drop in its home North America market
Chipotle CEO Niccol will start in his new role on September 9, the company announced in a press release. Starbucks chief financial officer Rachel Ruggeri will serve as interim CEO until that time, it said. Niccol, who will be Starbucks’ fourth CEO in just two years, has been leading the Mexican-inspired food chain since 2018. Since becoming Chipotle’s CEO in 2018, Niccol has transformed the international chain of fast-casual restaurants specialising in Mexican cuisine, the release said.
“His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation,” the release said.
It said that revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800 per cent during his leadership.
“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,” Mellody Hobson, Starbucks’ new lead independent director, said.
“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” Niccol said.
Narasimhan, 57, is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect. “During his tenure, he improved the Starbucks partner experience, drove significant innovation in our supply chain, and enhanced our store operations,” the release said. “On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand,” said Hobson.
‘Never Worked Post 6 PM’: Did Starbucks Fire Laxman Narasimhan After This Revelation? world-news World News | Latest International News | Global World News | World News Today
