WTI slid more than 3% to hover near US$66 per barrel, while Brent also fell to below US$70 a barrel) new CEO Brian Niccol is brewing up a new chapter for the coffee chain as it focuses on its origins., Niccol said he's been spending time in stores and with employees since he was announced as the next CEO on Aug. 13, 2024. The coffee giant is "beloved" but has "drifted" from its core, he said, as he officially starts his role this week.
China, its second-largest market, has been Starbucks' worst-performing segment. In Q3, same-store sales fell 14% year over year. Niccol wrote that the team needs "to understand the potential path to capture growth and capitalize on our strengths in this dynamic market." A barista brews coffee at the Starbucks Beijing Xitieying Wanda signing store in Beijing, capital of China, Nov. 23, 2023. Niccol's strength when it comes to turnarounds is partially why he got the top spot. He led Chipotle's comeback from its E.
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