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Starbucks bets $113m on new CEO to fix rapidly cooling coffee empire

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Global coffee chain Starbucks hands out record-breaking payment package to attract new leadership while facing major sales drop. Former Chipotle boss **Brian Niccol** gets private-jet privileges in desperate bid to save the brand

In a high-stakes move Starbucks is betting big on its new boss Brian Niccol - paying him $113m (which is four-times more than his predecessor got) and letting him fly private between his California home and Seattle HQ

The coffee giants shares jumped up 25% when they announced Niccol would swap his burrito-making role at Chipotle for coffee-making duties in mid-08/24; however the real challenges are just starting to brew

The once-mighty chain is showing signs of weakness: sales dropped for three back-to-back quarters‚ with US stores seeing a 10% drop in customer visits (and dont forget about China where sales fell 14%). Even its loyal rewards-program members are walking away - dropping 4% in Q2/24

Niccolʼs first moves seem rather basic:
* Bringing back ceramic mugs
* Writing orders on cups with markers
* Getting rid of olive-oil coffee drinks
* Making stores more community-friendly

The chains problems run deeper than surface-level fixes can solve - with nearly 40k stores worldwide many cities are over-saturated with identical-looking shops serving same-tasting drinks. High prices dont help either: customers are finding better coffee at local shops for less money; while Starbucks keeps pushing its sugar-heavy $5 dessert-like drinks

It is clear we need to fundamentally change our strategy to win back customers

stated Brian Niccol in a recent video message

Yet his initial plans seem too simple for a business needing major changes - especially from someone getting paid such an enormous sum. The real question remains: can any amount of money fix what looks like a cooling coffee empire

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