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In today's big story, it's out with the old and in with the new CEO at Starbucks. What's on deck: Markets: What the state of Warren Buffett's company says about the wider economy . Tech: It's been six months, and the Apple Vision Pro still feels like a letdown .
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Putting on a fresh pot As businesses complain about consumers cutting back, one of the biggest chains in the world is doing some cutting of its own at the highest level. Starbucks announced CEO Laxman Narasimhan was stepping down after less than two years on the job . Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts.
While Narasimhan's exit was abrupt — the move was effective immediately — it's not surprising. His short tenure at the top was a disastrous stretch for the coffee chain , writes Business Insider's Grace Dean. Same-store sales — a key metric — have been in a freefall under Narasimhan.
Starbucks saw a 3% drop in global comparable store sales during its most recent quarter compared to a 10% bump a year ago. But sales weren't the only thing going down under Narasimhan. The co.
