Starbucks bets on a darling of the fast food world
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 14 August 2024
⏱️ 7 minutes
🧾️ Download transcript
Summary
Starbucks has hired Brian Niccol to become its new CEO following a slump in the company’s sales in Q3. Niccol took over Chipotle in 2018, and Chipotle’s stock price has shot up 700% under his tenure. Before that, Niccol led a brand revamp at Taco Bell. We’ll hear more. Then, consumer inflation is easing toward the Federal Reserve’s target, and Montreal makes a bet on nightlife by permitting all-night drinking.
Transcript
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| 0:00.0 | When Starbucks goes on a caffeine jag, I'm David Brancaccio in New York. |
| 0:07.0 | Here's how a company can add 20 billion dollars to its stock market value in a single workday. |
| 0:12.0 | Hire a new CEO named Brian Neat. to its stock market value in a single work day. |
| 0:12.8 | Hire a new CEO named Brian Nickle, |
| 0:15.4 | the surprise new boss of Starbucks |
| 0:17.4 | with Chipotle and Taco Bell on his resume. |
| 0:20.2 | Starbucks stock went up nearly 25% yesterday, |
| 0:23.6 | although 2.5% of that has been given back this morning. |
| 0:26.2 | Here's Marketplace's Henry Epp. |
| 0:28.1 | When Brian Nickle took over Chipotle in 2018, |
| 0:31.3 | the Burrito chain was reeling from an E. coli outbreak that |
| 0:34.4 | hospitalized over 20 people but under Nichols leadership the company turned |
| 0:38.6 | around its reputation and financial results. |
| 0:41.1 | Chipotle's stock price is up about 700% since he took over. |
| 0:45.2 | Before that he led a brand revamp as CEO of Taco Bell, which was facing a lawsuit |
| 0:49.8 | that its beef filling didn't actually have that much beef in it. |
| 0:53.7 | Starbucks could use a similar turnaround right now. |
| 0:56.0 | Its sales declined across the board last quarter with an especially large drop in China |
| 1:00.4 | and a smaller slide in North America. |
| 1:03.0 | It's also faced boycotts, especially in the Middle East, over what some activists perceive |
| 1:07.6 | as its support of Israel in the war in Gaza. |
| 1:10.5 | Starbucks has flatly denied those rumors and says it has never funded any |
... |
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