Starbucks (NASDAQ:SBUX) stock is heading higher on Tuesday after the company announced that Brian Niccol is taking over as chairman and CEO of the coffee chain.
Niccol will replace Laxman Narasimhan as Starbucks’s next CEO. Narasimhan turned in his immediate resignation from the company.
Starbucks won’t get Niccol as its new CEO until Sept. 9, 2024. While it waits, current SBUX Chief Financial Officer Rachel Ruggeri will serve as interim CEO.
SBUX stockholders are celebrating today’s news as Niccol brings with him a strong resume. That includes acting as the current chairman and CEO of Chipotle (NYSE:CMG). During his six years leading the Mexican fast-food chain, revenue doubled, profits increased sevenfold, and CMG stock is up more than 800%.
How This Affects SBUX Stock Today
News of Niccol taking over as the next CEO of Starbucks brings with it heavy trading of the company’s shares. This has more than 95 million shares of SBUX stock on the move as of this writing. That’s a massive leap over its daily average trading volume of about 12 million shares.
SBUX stock is up 20.1% as of Tuesday morning.
Investors will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news ready to go on Tuesday! Among that is what has shares of ON Holding (NYSE:ONON), Sea Limited (NYSE:SE) and Home Depot (NYSE:HD) stock on the move today. You can read up on all of that at the links below!
More Tuesday Stock Market News
- ONON Stock News: What’s Going on With On Holding Today?
- Sea Limited News: What’s Behind the SE Stock Price Surge Today?
- HD Stock Alert: Why Home Depot Is Making Headlines Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
