RIYADH: A CEO’s position is frequently regarded as the highest in corporate leadership, and it comes with a great deal of pressure, particularly in trying times.
Even the most well-liked CEOs, though, can lose their jobs due to poor leadership, monetary difficulties, or the need to change course.
After just a year in office, Laxman Narasimhan is leaving his position as CEO of Starbucks. On September 9, Brian Niccol of Chipotle will take over as CEO and chairman. Narasimhan tried to restructure the company and enter new markets, but the obstacles were too great, and he left the company early.
According to CNN, Niccol has successfully brought Chipotle back to life after its Escherichia coli outbreak and has been responsible for an astounding 800% increase in revenue.
Starbucks is optimistic that Niccol can continue to build on this success and handle the company’s current issues, which include diminishing sales and heightened competition in China and the US.
Because of the poor demand for coffee in its main markets, the company recently lowered its forecast for annual sales. Starbucks’ stock increased 19% as a result of Narasimhan’s resignation, which was met with criticism from former CEO Howard Schultz and activist investor Elliott Investment Management.
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