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Brian Niccol, an experienced executive known for revitalizing struggling businesses, has taken charge at Starbucks. The coffee powerhouse is currently under significant pressure from activist shareholders, unionization movements, and sluggish sales in its two primary markets.
Mr. Niccol, 50, who successfully led Chipotle through a food safety crisis and the challenges posed by the pandemic, is widely regarded as a "dream hire" and a "hall of fame restaurant CEO."
During a commencement address, Niccol offered his key career advice: "It may sound cliché, but believing in yourself and having the perseverance to persist when things aren't going your way is essential."
He also mentioned his technique of using a worn notebook to monitor his career development and maintain focus on his objectives, as reported by CNBC Make It. His "gut instinct" has been crucial in guiding his decisions throughout his career, particularly in his transition from Taco Bell to Chipotle.
“Whatever helps you stay focused on your goals, do it, and have faith in your ability to achieve them,” he advised.
“There will be instances when your intuition will signal to you,” he remarked, recalling the strong feeling he had when he transitioned from Taco Bell to become Chipotle's CEO in 2018. “Make room for that intuitive wisdom and take decisive action. Trust your gut feelings.”
Niccol's hiring is crucial for Starbucks as the company deals with various obstacles, including declining sales, heightened competition, and unionization efforts. His experience in revitalizing struggling firms could be instrumental for Starbucks as it strives to overcome these difficulties.
In addition to his robust leadership abilities, Mr. Niccol possesses a deep knowledge of the restaurant industry. Having dedicated his entire career to the food service sector, he has a solid record of promoting growth and profitability.
Many analysts and investors have responded positively to Niccol's appointment, believing he has the capacity to steer Starbucks back to success. However, it will require time to determine if Niccol can meet these high expectations.
"When I spoke with him, I recall him saying, 'I know what steps to take,'" Hobson, who has stepped down as chair of the Starbucks board to Niccol and now serves as lead independent director, shared during an appearance on CNBC's "Squawk Box" on August 13.