Starbucks replaces its CEO, names Chipotle chief to head the company

and disgruntled investors, said Tuesday that CEO Laxman Narasimhan is stepping down after a little more than a year in the job.

But investors quickly soured on Narasimhan as the company’s sales weakened and it dealt with multiple issues, including competition from lower-cost competitors in China andMellody Hobson, the chair of Starbucks’ board of directors, said Niccol has transformed Chipotle since becoming its CEO in 2018 by focusing on menu innovation, operational excellence and digital transformation.

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