Starbucks ousts CEO as market growth slumps

Starbucks, which has struggled this year in its two largest coffee markets — the United States and China — ousted its CEO on Tuesday, responding to pressure from an activist investor and its longtime former boss.

The Seattle-based company named Brian Niccol, CEO at Chipotle Mexican Grill since 2018, as its new chairman and CEO, to replace Laxman Narasimhan, effective on Sept 9.

" (Niccol) has my respect and full support," said Howard Schultz, who has become the company's biggest independent shareholder during his three stints as its leader, in a news release issued by Starbucks.