Starbucks (SBUX) shares jumped over 22% in early trading Tuesday after the coffee giant announced the hiring of Chipotle Mexican Grill (CMG) 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Brian Niccol as its new CEO, replacing Laxman Narasimhan, who is departing immediately.

Niccol will assume the job starting Sept. 9, with Starbucks 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) Rachel Ruggeri set to take the interim CEO title for the next month. Meanwhile, Chipotle has selected 澳洲幸运5官方开奖结果体彩网:Chief Operating Officer (COO) Scott Boatwright to serve as its interim CEO once Niccol leaves his position at the end of the month.

CEO Shakeup Comes Amid Recent Activist Pressure

Starbucks has faced pressure to make changes in recent weeks as 澳洲幸运5官方开奖结果体彩网:reports have emerged that a pair of activist investors, 澳洲幸运5官方开奖结果体彩网:Elliott Investment Management and 澳洲幸运5官方开奖结果体彩网:Starboard Value, have bought stakes in the coffee chain.

The funds haven't publicly stated their goals, but reports have indicated that Starbucks has engaged with Elliott on ideas to boost the company's sales and stock. Starbucks' 澳洲幸运5官方开奖结果体彩网:recent earnings reports have disappointed, with 澳洲幸运5官方开奖结果体彩网:same-store sales declining as consumers pull back on discretionary spe🅘nding.

Starbucks shares were up 22.6% shortly after the opening bell Tuesday. Meanwhile, Chipotlꦫe shares sank close to 14% on the news, though they were still up roughly 5% since the start of the year.

UPDATE—Aug. 13, 2024: This article has been updated to reflect more recent share price information.