Starbucks’ new boss should beware its backseat barista - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
星巴克

Starbucks’ new boss should beware its backseat barista

Brian Niccol’s appointment suggests a win for ex-CEO Howard Schultz

The coffee grounds have settled on the boardroom drama at Starbucks and a victor has emerged. Take a bow Howard Schultz.

In a major shake-up, the Seattle-based coffee giant has named current Chipotle boss Brian Niccol as its new chief executive. He will replace Laxman Narasimhan, who leaves immediately.

Niccol is highly regarded for the turnaround at Chipotle — and his appointment should (at least temporarily) quieten the ambitions of Elliott Investment Management. The activist, with a stake in Starbucks, had been in talks with Narasimhan.

It is Schultz who appears victorious: the former CEO, major shareholder and vociferous critic of Narasimhan had opposed any deal with Elliott. The fact that Niccol’s appointment was not discussed with Elliott (but came with Schultz’s full support) suggests that the former may have been outmanoeuvred.

The market made its feelings clear. Starbucks’ shares shot up nearly 23 per cent to erase its losses for the year while Chipotle fell more than 13 per cent.

That, in part, reflects Niccol’s tenure at Chipotle. Since taking the helm in March 2018, sales at the Mexican-inspired chain have more than doubled to hit nearly $10bn last year. Profits are up 600 per cent. Even accounting for Tuesday’s drop, those who bought Chipotle shares on Niccol’s appointment would be sitting on a 873 per cent gain.

His experience should transfer well to Starbucks’ problems in the US: understaffing, customer frustration with long waiting times, and tired-looking stores are execution rather than demand issues. They can be overcome: Starbucks needs to invest in staff and improve its store operations and efficiency.

By contrast, the company’s troubles in China — its second biggest market — are deeper-rooted. Competition from foreign and local brands is stiff, while the economy is slowing. Revenue at its 7,306 Chinese stores fell 11 per cent during the fiscal third quarter to June.

For Niccol, the quick pick-me-up might be to slow expansion plans in China. Starbucks has more than doubled its store count there over the past six years. BTIG analyst Peter Saleh reckons Starbucks has invested more than $400mn a year — or 20-25 per cent of the company’s capital spend — to expand. 

Fixing Starbucks will not be as straightforward as Chipotle. The coffee chain is a far bigger beast, with 39,477 locations worldwide. Chipotle has just 3,530 outlets, mostly in the US.

But Niccol’s appointment will buy the company some time to start addressing US problems and pare back in China. But his task comes with another complication: a backseat barista who has just secured what looks like a win.

pan.yuk@ft.com

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

Lex专栏:亚洲将遭遇“特朗普交易”的冲击

汽车行业保护主义抬头的定价过程才刚刚开始。

马斯克对特朗普的押注得到了回报

特斯拉和X的首席执行官将成为特朗普总统身边最具影响力的政治和商业顾问之一。

巴尼耶削减养老金的计划触动了法国人的神经

法国总理的这一省钱提案遭到反对,尽管人们呼吁加强代际公平。

英国学费上涨对学生和大学财务状况的影响

专家称,这些措施不足以解决高等教育经费问题或吸引来自贫困家庭的学生。

这次美国大选对美国企业意味着什么?

大选结果将对能源、汽车和制药等领域的企业产生重大影响。

德国的商业模式失败了吗?

德国三大主要产业同时陷入低迷,经济也停滞不前。政客们终于清醒过来了吗?
设置字号×
最小
较小
默认
较大
最大
分享×