Starbucks has announced the replacement of its CEO, Laxman Narasimhan, with Brian Niccol, the current CEO of Chipotle. The move comes as a significant shift for the Seattle-based coffee giant, and has garnered substantial attention on social media.
Narasimhan, who joined Starbucks as CEO, is stepping down from his role "with immediate effect" and will also resign from the Starbucks board. Until Niccol officially takes over, the company's Chief Financial Officer (CFO), Rachel Ruggeri, will serve as interim CEO.
The announcement was accompanied by a resurgence of interest in a recent interview with Narasimhan, which has gained traction online. In a discussion with Fortune Magazine, Narasimhan spoke about his approach to work-life balance, revealing that he generally does not work past 6 pm. He emphasised that any work-related engagement beyond this time must be "very important."
The interview excerpt sparked a range of reactions on social media platforms.
“Starbucks CEO Laxman Narasimhan recently said that he doesn’t work past 6 pm and that if anyone at Starbucks gets a minute of his time after 6 pm they ‘better be sure that it’s important’. He was just fired today," read the caption of the post.
An individual noted, “If you say something like this when the stock price is doing well, you sound like a genius. But if it's not doing well… you get fired.”
Another user joked, "Maybe he just needs to drink coffee." A third user remarked, "He’s not gonna have to worry about working past six anymore."
Despite the criticisms, some users defended Narasimhan, pointing out his substantial net worth and suggesting that he would be well-positioned financially. One comment read, “He’s worth $25-50 million. I’m sure he’ll be alright. I’d probably take my foot off the gas a little at a point too.”
Narasimhan’s departure marks a pivotal moment for Starbucks as the company transitions to new leadership. Niccol, known for his tenure at Chipotle, is expected to bring a fresh perspective to the role.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
