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Starbucks hires new CEO | MEAT+POULTRY

SEATTLE — Brian Niccol will take over as the chief executive officer of Starbucks Corp. on Sept. 9. He will replace Laxman Narasimhan, who is stepping down as CEO “effective immediately,” according to the company.

Rachel Ruggeri, chief financial officer, will serve as interim CEO until Niccol starts.

Niccol is currently the chairman and CEO of Chipotle.

“We are thrilled to welcome Brian to Starbucks,” said Mellody Hobson, Starbucks board chair. “His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience. Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”

Starbucks has been challenged as same-store sales have declined. During the third quarter of fiscal 2024, Starbucks’ global comparable same-store sales fell 3%, driven by a 5% decline in comparable transactions that partially was offset by a 2% increase in average ticket. In addition to the 2% same-store sales decline in the United States, the company experienced a 14% decline in China.

For the quarter ended June 30, Starbucks earned $1.05 billion, equal to 93¢ per share on the common stock, and down from the same period of the year before when the company earned $1.14 billion, or 99¢ per share.

Quarterly sales ticked down to $7.52 billion from $7.56 billion the year before.

Brian Niccol joined Chipotle as CEO in February 2018.

Niccol established his career at Procter & Gamble, where he spent a decade in several brand management roles. In 2005, he moved to Yum! Brands, taking on leadership positions at Pizza Hut and Taco Bell. He became Taco Bell’s president in 2013 and was promoted to CEO in 2015. Under his leadership, Taco Bell introduced several product innovations, including breakfast, and launched a digital platform featuring mobile ordering and payment.

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Nestle introduces weight loss brand

ARLINGTON, VA. — Nestle, which owns such brands as Life Cuisine, Lean Cuisine, Boost and others, is adding a new brand to its portfolio aimed to support GLP-1 weight loss medication users and consumers focused on weight management.

Vital Pursuit’s meals will offer high protein, fiber essential nutrients, will be portion-aligned and will feature gluten-free options and several air-fryer ready items.

The line will come in frozen formats, including bowls with whole grains or protein pasta, sandwich melts and pizzas. Suggested retail price will be $4.99 and under, according to the company.

“At Nestle we want to be there for every moment in our consumers’ lives — today and in the future,” said Steve Presley, chief executive officer, Nestle North America. “As the use of medications to support weight loss continues to rise, we see an opportunity to serve those consumers. Vital Pursuit provides accessible, great-tasting food options that support the needs of consumers in this emerging category. We’re leveraging our deep understanding of consumers and nutritional science to stay ahead of the trends that are shaping consumer behaviors, and innovating across our portfolio to deliver products people will love.”

The line will be available by the fourth quarter and will feature 12 stock-keeping units that will be available at select retailers nationwide.

In October 2023 during an earnings call to discuss financial results for the year’s first nine months, Ulf Mark Schneider, chief executive officer of Nestle SA, said the company’s Boost nutritional drinks and Optifast products were examples of potentially assisting consumers on GLP-1 drugs.

“For the time that patients spend on these drugs and after, we are already developing a number of companion products,” Schneider said. “The goal will be to address the risk of malnutrition and the loss of lean muscle mass while on the GLP-1 therapy and to avoid or limit weight rebound after the therapy. These innovations are right in our wheelhouse where we can bring our deep understanding of nutritional science and appropriate supplementation to the table.”

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