Starbucks replaces CEO! The market value soared to hundreds of billions of dollars overnight!

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Chipotle CEO Brian Nicole will officially take over as Starbucks CEO from Sept. 9, and CEO Nathhan immediately resigned, Starbucks announced last night. The chief financial officer of Starbucks will serve as interim CEO until Nicole takes over.

After the announcement, Starbucks shares soared more than 20% on the day, with a market capitalization of more than $100 billion overnight. Just a piece of appointment news, the CEO, who has not yet taken office, has "earned" more than $21 billion for his new employer, making people wonder who the new Starbucks boss is.

It is understood that Brian Nicole is the star CEO in the world restaurant chain for the past six years. In 2018, he took over the CEO position of Chipotle, a Mexican restaurant chain that focuses on fast food products such as burritos and tacos.

From 2018 to 2022, the catering company, which was caught in a double crisis of operation and public opinion, became an "industry myth" under his leadership: the share price soared by 773% and sales increased by more than 70%. And gradually become the world's third largest chain restaurant brand by market capitalization after McDonald's and Starbucks.

It's worth noting that Nicole's "magic" doesn't just work on Chipotle. Before joining Chipotle, he saved Taco Bell as CEO. In addition, he has previously held important positions at Pizza Hut and Wal-Mart. His brilliant resume and solid performance are proof of Nicole's ability to make money for shareholders, which is exactly what Starbucks desperately needs right now.

In the quarterly results released at the end of last month, Starbucks' revenue figures were not satisfactory, and some of them, such as average unit prices and same-store sales, have fallen for two consecutive quarters. The poor results reflected in the results directly contributed to the malaise of Starbucks shares, which fell more than 20 per cent before the CEO was replaced.

That's why founder Howard wrote to the board and leadership team earlier this year to talk about the company's problems and make suggestions accordingly. After the news of the replacement was made public, board members also said in an interview with the media that Starbucks' decision to replace CEO was not a temporary initiative, but a result of careful consideration by the board of directors after months of planning.

On the other hand, Starbucks of South Korea announced on July 31 that it would adjust the prices of most drinks, according to the World Coffee Network. From Aug. 2, the prices of large and oversized drinks will rise by 300 won (1.58 yuan) and 600 won (2.56 yuan) respectively, while the price of all medium drinks will remain at their current level, while the price of small drinks will be reduced by 300 won. After the implementation of this measure has attracted attention from the outside world, but also worrying.

The price of international coffee beans has risen this year due to climate change and supply chain problems, leading to higher operating costs. South Korea, as Starbucks' fourth largest market after the United States, China and Japan, has taken the lead in raising prices under the pressure of rising raw material costs, which inevitably worries Starbucks in other regions. But others are looking forward to the new CEO, which took office in September, thinking that Nicole, who created the Chipotle myth, may have a "trick" to deal with the situation.

However, Starbucks'"big change" may have little impact on the Chinese market. When questioned by the media today, Starbucks China said, "the personnel adjustment at Starbucks headquarters does not involve the Chinese market." our confidence and commitment to the Chinese market remain as always, and we will continue to focus on the long-term development of our business in China. "

Picture from: Internet

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