Starbucks announced on Tuesday that it is replacing CEO Laxman Narasimhan with Chipotle chief Brian Niccol.
Niccol will take over as CEO of the coffee chain starting Sept. 9, the company said.
Starbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO until that time. Mellody Hobson, Starbucks board chair, will also become lead independent director.
Shares of Starbucks rose 10% in premarket trading on Tuesday after news broke about the leadership change.
This is a developing story. Please check back for updates.
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