Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, David Faber,

at post-9 of the New York Stock Exchange. Future's holding some gains here on a robust newsday,

whether that's Starbucks Home Depot, lots of geopolitics, PPI runs light, 10-year yield drops to

about a one-week low.

Our roadmap begins with breaking news at Starbucks. The company replaces CEO locksman-ner-Simon

with the Tripoli's chief, Brian Nicol. We got all the details. Plus, PPI comes in cooler than

expected. That does give stocks a bit of a bump ahead of the open. And we continue to see signs of a cautious consumer.

Home Depot saying it expects comp store sales to decline as customers, quote,

sense of greater uncertainty in the economy.

Let's begin with this news out of Starbucks.

Loxman-Ary-Simon is out as CEO, effective immediately and amid the company struggles,

as well as activist investors pushing for change. It is Chipoli's chief. Brian Nicol will become

chairman CEO of the coffee chain beginning in September. CFO, Rachel Ruggieri, will serve

as interim CEO until he gets there. Melody Hobson will become lead independent director.

Jim, this is a story that you know well and have some involvement in to some degree. Well, first, this doesn't happen in corporate America.

You don't have a guy, I just had Brian on, who's outstanding and did an amazing job.

Look, I mean, the number speaks from themselves, 773% as he got to Chipoli. And it's remarkable. You very rarely see this. Jack Hartton, the CFOs just said, listen, it's terrific. Now, Jack's staying on. That's important. But, I mean, people at Starbucks, like, you know, what he said, he's the best Starbucks, lucky to have him. What I would point out is that Howard Schultz really wanted this. And I think, David Faber, I think that that is part of the narrative.

More than Elliot. Yeah, listen, Mr. Schultz, of course, it continues to be a force within

Starbucks, really only as what is a, technically a large shareholder.

Of course, he's not on the board. He has no management role of any kind, and yet he was certainly an important figure here.

In part, it seems in, if I could say, turning on Luxman and or at least not giving him continued support some time back,

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