The number one figure of Starbucks, whose revenues are decreasing day by day, has resigned.

The CEO of coffee chain Starbucks, Laxman Narasimhan, who has reported a decline in revenue for the past two quarters, has stepped down from his position.

In a statement released by Starbucks, it was announced that Narasimhan has resigned from his role as CEO and as a member of the company's board of directors. The statement also mentioned that Brian Niccol, who currently serves as the CEO of Chipotle, has been appointed as the president and CEO of Starbucks, and will assume his new role on September 9th.

The statement further stated that Rachel Ruggeri, the Chief Financial Officer (CFO) of Starbucks, will serve as the interim CEO until the mentioned date.

FIRST DECLINE SINCE 2020

Starbucks, which has faced protests and boycott campaigns due to Israel's attacks on Gaza, has been negatively affected in its financial results in the past two quarters. The revenue of the American coffee chain decreased by 2% in the January-March period, marking its first decline since the end of 2020. In the April-June period, the company's revenue decreased by 0.6% and its global sales declined by 3%.