Multinational coffeehouse chain Starbucks Corporation experienced a tremendous increase in its stock on Tuesday, reaching its highest point since March after announcing the appointment of Brian Niccol as the new CEO.
Niccol will leave Chipotle Mexican Grill, Inc. after holding the same position at the company since 2018. "I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners […] As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values," he stated.
Shortly after markets opened, Chipotle's shares fell as much as 11% to sell at $49.22. Meanwhile, Starbucks' stock soared 22.11% to sell at $94.06 apiece at 9:41 am ET.
