Starbucks replaces boss

The coffee chain’s CEO is leaving the company after less than two years in charge as it grapples with a slump in sales amid a backlash to price increases and boycotts


Starbucks fiscal quarterly revenue ($ billions, fiscal years end on Oct 1)
     
First quarter Second quarter Third quarter Fourth quarter

Laxman Narasimhan: Chief executive (left) is stepping down immediately after just one year – coffee chain’s fourth CEO in just two years. Starbucks has tapped Chipotle CEO and corporate fix-it man Brian Niccol (right) to be chairman and CEO, effective from Sep 9

Jun 2024: Global sales fall 3% annually amid 2% decline in U.S. and 14% drop in China

6.747 6.203 8.147 8.414 9.374
6.823 4.222 7.497 8.150 9.168 9.114
6.310 5.996 6.668 7.636 8.720 8.563
6.632 7.097 6.749 8.050 8.714 9.425
2019  2020  2021  2022  2023  2024
      

Sources: Starbucks, CNN, Reuters, Ycharts 
Pictures: Getty Images 
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