Aug 14, 2024 - Business
Starbucks stock spikes after coffee giant swipes Chipotle's CEO
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Starbucks stock soared 25% on Tuesday on the news that Brian Niccol of Chipotle would take over as CEO next month.
Why it matters: The stock market still believes in the idea of the magical CEO, who can replicate success at multiple companies.
Reality check: The surge looks less impressive over a longer timeline, improving the five-year performance of Starbucks stock to a gain of a measly 1.17%.
- Meanwhile, Chipotle's one-day drop of 7.5% means it's now up a mere 218% from where it was five years ago — and up 928% from when Niccol was appointed CEO in 2018.
