Starbucks (SBUX) announced Tuesday that it has named Brian Niccol as its next chairman and CEO.

Niccol, who has been the CEO of Chipotle (CMG) since 2018, will join Starbucks on Sept. 9. Current Starbucks CEO Laxman Narasimhan, who took the helm in late March 2023, will step down immediately.

Starbucks CFO Rachel Ruggeri, who has served in the role since 2021, will be interim CEO.

Shares of Starbucks were up as much as 13% in pre-market trading following the announcement; Chipotle stock fell as much as 10% on the news.

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