08:22 AM EDT, 08/13/2024 (MT Newswires) -- Starbucks ( SBUX ) said Tuesday that Brian Niccol has been named chair and chief executive officer, effective Sept. 9.

Laxman Narasimhan has stepped down as CEO and board member, the company said.

Chief Financial Officer Rachel Ruggeri will serve as interim chief executive until Niccol, who currently serves as Chipotle Mexican Grill's ( CMG ) chair and CEO, takes over, Starbucks ( SBUX ) said.

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