Daily grind

Starbucks brings in Chipotle’s boss to turn things around

Markets sure know how to make you feel bad about yourself. On Wednesday, the board of the world’s largest coffee chain, Starbucks, announced they’re giving the firm’s boss, Laxman Narasimhan, the sack. The stock price surged on the news, adding $22bn to the firm’s market capitalisation, the equivalent of ten Cheesecake Factories. That’s a bitter shot for Mr Narasimha to gulp down.

The board also announced that Brian Niccol, the current boss of Chipotle, will take the top job from next month. The burrito chain’s market value slid 8%, a $6bn loss. Mr Niccol will certainly have his work cut out for him at Starbucks. The company faces a slowdown in China, its biggest market, and declining footfall in America, its second-biggest region. However, tagging in Mr Niccol was a smart move.