Starbucks shares surge 24% in a day on new CEO appointment

Starbucks announced Brian Niccol, ex-CEO of Chipotle, as its new CEO following a period of declining sales under former CEO Laxman Narasimhan. Niccol, recognized for revitalizing Chipotle, is tasked with overcoming operational challenges and investor pressure. Starbucks’ shares rose significantly on the news, reflecting investor confidence in Niccol’s potential impact. In contrast, Chipotle’s shares fell by about 14%.