Laxman Narasimhan Steps Down As Starbucks CEO, Brian Niccol To Replace Him

Starbucks said Tuesday that Brian Niccol, chief executive at Chipotle, would be the coffee chain's new CEO -- just over a year after current boss Laxman Narasimhan took over the role.

Mr Narasimhan steps down as chief executive and as a member of the Starbucks board "with immediate effect," said the company in a statement.

The leadership shifts come as Starbucks pushes to turn around its business, while contending with broad-based sales declines in its most recent financial results.