Starbucks welcomes new CEO Brian Niccol

Published: Sep 08, 2024 Duration: 00:04:15 Category: News & Politics

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because a share is ticking slightly higher this morning after former Chipotle executive Brian niichel well guess what he's starting his new position as starbu chairman and CEO today for more on what shareholders can expect is our very own Brooke dama Brooke good morning to you both that's right as you saw right there this is really a new era for Starbucks and investors are really hoping that Brian Nichols steps into this role and improves the value perception of Starbucks as well as operational efficiencies that really Starbucks need needs right now so if we dive closer in why exactly is this a new era a new chapter for Starbucks well we now know that nickel will be the chairman of Starbucks effective today this is a new error for Starbucks now that Melody Hobson a Howard Schultz pick who was formerly chair has stepped down and we can also see new uh Starbucks leaders come into play here we know that nickel has done that at the past at Chipotle when he took over following their eoli breakout we also know that nickel will be remote in that Newport Beach uh area that he has resided in as Chipotle's CEO and that could attract new talent in Starbucks making their Seattle office perhaps a hub or a secondary always of course their headquarters but really could attract new Talent being that he's staying in California we also were hoping for a renewed focus on value perception this premium product that Starbucks is known for but it has certainly lost that after price hikes as well as various other opposition to the prices that star has implemented in recent years and this menu Innovation that Starbucks is known for they've introduced things like the energy drink and lavender in the past year but with so much Cadence one analyst told me that while people liked the drinks they didn't Market them efficiently and that's really tapping into Nicholls sweet spot here in addition to that operational Improvement something that Starbucks really really needs here we know that nickel has time and time again Pro that chipot could be uh efficient in terms of introducing a dual-sided grill to increase cook time as well as that digital make line to improve Chipotle takeout and this really comes at a critical time for Starbucks as you can see shareholders really unsure of the direction of Starbucks here but certainly optimistic once the announcement of nickel coming in was announced earlier rather last month and this comes at a time where Resa steam Source sales down 3% for the second quarter in their recent results he's also expected to host a town hall this week and we know that he's been going to Starbucks really diving in head first us to learn more has he himself been doing some Barista work not yet but I think he is expected to be I think that you will see Brian with a green apron on he is jumping right in and he's really from what I hear he's all hands in right away really looking to understand how to fix this problem oh yeah got to know I don't know how the coffe is made I mean real question that I wanted to ask you though Brooke I mean for investors out there that have tracked this tenure at Chipotle and are no stranger to this man who knows how to execute some limited time offers how's that expected to really translate over to Starbucks I mean what was the the net end of the day percentage gain that shareholders saw while he was at Chipotle while he was at Chipotle shareholders saw 77% increase in the stock price and when you think about that and how that translate to Starbucks in the F past 5 years Starbucks has certainly underperformed taking a closer look at um yaho find scker page on Starbucks in The Last 5 Years Starbucks Shares are down roughly 5% and so investors are hopeful that he's going to step in he's going to fix the problems in term of menu Innovation Cadence operational efficiencies and also this this tension that exists between their employees and leadership in hopes that they sort of move past these unionization problems that have been in the background for quite some time and when you think about the leadership changes over the past five years at Starbucks we had Kevin Johnson we had Howard Schultz back for the third time in a row then we had luxman noris Simmon who was ousted in August and now Brian nickel really investors hoping that this is a clean slate a new chapter for Starbucks yeah trying to close the revolving door there at the CEO position Brooke thanks so much appreciate it

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