Starbucks CEO Fired #starbucks #chipotle #finance #businessnews #Starbucks2024 #BrianNiccolCEO

why did Starbucks fire its CEO in 2024 Starbucks CEO LAX Manar siman was hosted after just over a year in the role as a company struggled with declining sales and growing pressure from investors naras siman's tenure was characterized by challenging period for the coffee giant marked by a 3% sales contraction in the second quarter of 2024 and a 20% drop in stock price these challenges were exacerbated by weaker consumer demand Rising labor cost and difficult market conditions in key regions like China Starbucks had also been facing increased competition from Rivals such as Bing coffee which had paid Starbucks in sales within China a critical market for the brand the leadership change was seen as an effort to revive Starbucks and address internal pressures noran had faced growing unrest among employees as labor unions demanded higher wages and better working conditions culminating in strikes that put additional strain on the company his departure came as Starbucks announced the appointment of Brian NL former CEO of Chipotle the stock searched 20% following the announcement reflecting investor optimism about Nichol's ability to