Comp | Starbucks appoints shock new CEO with $113m pay packet (that's 16,740,440 caramel macchiatos)

Starbucks announced a shock shake-up in its executive team earlier this week, replacing outgoing boss Laxman Narasimhan with now ex-Chipotle CEO Brian Niccol.

Effective September 9, Niccol will become the coffee chain’s fourth CEO in under three years.

The change, announced Tuesday, was unexpected, with Narasimhan’s tenure only clocking in at 17 months. Starbucks confirmed he will exit the company with immediate effect, with CFO Rachel Ruggeri will serve as interim CEO until that date.

In a statement released by the company, Mellody Hobson, chair of the board, thanked Narasimhan for “his contributions to Starbucks… in the face of some challenging headwinds.”