Starbucks Replaces CEO with Chipotle’s Brian Niccol

In a significant shake-up, Starbucks has announced that Brian Niccol, the CEO who played a pivotal role in revitalizing Chipotle Mexican Grill, will be the new chief executive of the coffee giant.

Effective immediately, Starbucks is parting ways with its current CEO, Laxman Narasimhan, who has been with the company for less than two years. Narasimhan will also exit the company’s board, the coffee chain confirmed on Tuesday.

Until Niccol officially assumes his role on September 9, Starbucks Chief Financial Officer Rachel Ruggeri will lead the company on an interim basis. The transition marks a new chapter for Starbucks as it seeks to build on Niccol’s proven track record of steering companies to success.