Revenue had declined due to protests and boycotts: Starbucks CEO Narasimhan steps down
Laxman Narasimhan, the CEO of coffee chain Starbucks, which has reported a decline in revenue for two consecutive quarters, has stepped down from his position.
In a statement released by Starbucks, it was announced that Narasimhan has stepped down from his roles as CEO and as a member of the company's board of directors.
The statement noted that Brian Niccol, who currently serves as the CEO of Chipotle, has been appointed as the chairman and CEO of Starbucks, and that Niccol will begin his new role on September 9.
The statement also indicated that Starbucks Chief Financial Officer (CFO) Rachel Ruggeri will serve as interim CEO until that date.
FACED PROTEST AND BOYCOTT CAMPAIGNS
The financial results of Starbucks, one of the companies that has faced protest and boycott campaigns due to Israel's attacks on Gaza, have been negatively impacted over the last two quarters.
The US coffee chain's revenue fell by 2 percent in the January-March period, while its global sales recorded their first decline since the end of 2020, dropping by 4 percent.
In the April-June period, the company's revenue decreased by 0.6 percent, and its global sales fell by 3 percent.
News Source: 12punto
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