Starbucks appoints Chipotle CEO Brian Niccol as CEO and Chairman, effective Sept 9

STARBUCKS CORP

Laxman Narasimhan steps down as CEO immediately; no disagreement cited.
CFO Rachel Ruggeri serves as interim CEO until Niccol takes over.
Niccol receives $1.6M base salary, 225% target bonus, $10M signing bonus, and $75M equity grant.
Board Chair Mellody Hobson transitions to lead independent director.
Niccol led Chipotle revenue doubling and stock ~800% gain since 2018.

item 5.02 item 7.01 item 9.01

Executive movements

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Role change

Mellody Hobson

Lead Independent Director

SBUX · STARBUCKS CORP

Effective: 2024-09-09
Filed: August 14, 2024, 7:59 PM ET

appointed Mellody Hobson, who is the current chairman of the Board, as lead independent director, effective on the Effective Date.

Appointed

Brian Niccol

Chief Executive Officer and Chairman

SBUX · STARBUCKS CORP

Effective: 2024-09-09
Filed: August 14, 2024, 7:59 PM ET

approved the appointment of Brian Niccol as chief executive officer of the Company and chairman of the Board, effective September 9, 2024

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Mellody Hobson was appointed as Lead Independent Director at STARBUCKS CORP.

Action: appointed
Role: Lead Independent Director

Exact text from the filing

appointed Mellody Hobson, who is the current chairman of the Board, as lead independent director, effective on the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian Niccol was appointed as Chief Executive Officer and Chairman at STARBUCKS CORP.

Action: appointed
Role: Chief Executive Officer and Chairman

Exact text from the filing

approved the appointment of Brian Niccol as chief executive officer of the Company and chairman of the Board, effective September 9, 2024

View on SEC.gov

STARBUCKS CORP filing history →

Source: SEC EDGAR

accession 0001193125-24-200724

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