Analysis-Nine months in, Starbucks CEO faces tall order in turnaround
By Waylon Cunningham
(Reuters) -Starbucks CEO Brian Niccol earned a reputation on Wall Street as a miracle worker for wounded restaurant brands like Taco Bell and Chipotle. Nine months into his Starbucks tenure, investors are unsure if lightning will strike a third time.
Shares jumped more than 21% on August 13, the day Niccol was named CEO, on hopes he would inject the company with new vitality after several quarters of falling sales and pressure from activist investor Elliott Investment Management. But demand has not yet reversed, Niccol has not shared any financial targets, and the stock remains sluggish.
Niccol’s “Back to Starbucks” initiative emphasizes a simplified menu, freshly baked goods, ceramic mugs with…
