We view this as a dream hire for SBUX, and could not think of a more equipped leader to take a fresh look at SBUX's operations, competitive positioning and overall strategy,
This will be the last time investors care what he has to say because Niccol now has the wheel and there is no longer ANY room for a backseat driver,
In our view, Starbucks picks up a hall of fame restaurant CEO, and his appointment as Starbucks CEO and Chairman suggests a new era is underway,
Importantly, Brian is likely the one restaurant executive that has the gravitas to address the Howard Schultz Founder 'overhang,
Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth,
I believe he is the leader Starbucks needs at a pivotal moment in its history. He has my respect and full support,
We welcome the apointment of Brian Niccol and we look forward to continuing our engagement with the board as it works toward the realization of Starbucks' full potential,
We look forward to engaging with all of our shareholders about this new development,
We view Niccol as an exceptional executive based on his track record in driving robust results at Chipotle since he arrived in 2018, as well as his successful stints at YUM (including as CEO of Taco Bell) and Procter & Gamble,
Mr. Niccol has earned the respect and confidence of the investment community and will be given the much-needed leeway to make investments and time to turn around Starbucks,
There is a sense that Starbucks has been on the back foot for too long and that it has lost sight of the basics. This has led to a poor performance, particularly in the US,
Chipotle has outperformed the quick-service restaurant space the past several years, and we'd expect new products and advertising campaigns to be a focus early in his tenure at Starbucks,
Niccol's deep foodservice experience will be useful as Starbucks navigates a cocktail of challenges including increased costs, labor issues, operational inefficiency, and a growing dissatisfaction among customers,
While not surprising that Laxman Narasimhan is out as Starbucks's CEO given activist investors and the company's steep sales reversal over the past 9 months, his replacement will send ripples throughout the industry,
Through it all, focus on being experiential, not transactional,
I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners,
Our conversations to date have been constructive,
Because of this Starbucks has been losing share to smaller, independent coffee shops and other rivals for a while, and the failure of Narasimhan to address this convincingly has irked investors,