10:43 AM EDT, 08/13/2024 (MT Newswires) -- Starbucks ( SBUX ) investor Elliott Investment Management said Tuesday it welcomes the appointment of Brian Niccol as the coffee chain's chairman and chief executive officer.

"Elliott has been engaged with Starbucks' ( SBUX ) board over the past two months regarding our perspectives on the company's key issues, and we view today's announcement as a transformational step forward for the company," the activist investor said. "We look forward to continuing our engagement with the board as it works toward the realization of Starbucks' ( SBUX ) full potential."

Niccol, who currently serves as Chipotle Mexican Grill's ( CMG ) chairman and CEO, will start his new roles at Starbucks ( SBUX ) on Sept. 9.

Starbucks ( SBUX ) didn't immediately respond to a request for comment from MT Newswires.

Starbucks ( SBUX ) shares jumped 22% in recent Tuesday trading. Chipotle fell 12%.

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