Today is Starbucks’ new CEO, Brian Niccol’s, first day on the job, and expectations are high.
The 50-year-old executive takes over at a time when the coffee giant is struggling with increasing pressure from activist investors, a unionization movement and sagging sales in its two biggest markets, the United States and China.
Niccol has a track record of turning around struggling companies: As CEO of Chipotle, he helped the chain recover from a food-poisoning scandal and led the restaurants through the pandemic.
Wall Street analysts have called Niccol, who served as CEO of Taco Bell before spending six years at Chipotle, a “dream hire” and a “hall-of-fame restaurant CEO.”
Nicole attributes much of her success to the “cliché” career advice she began following in her 20s: “Believe in yourself.”
“I know it’s a cliché, but you have to have the guts to never give up and believe in yourself, even if it doesn’t work out at first,” Nicole said in a May 2024 commencement speech at Miami University in Oxford, Ohio.
Nicole explained that she carries around a “battery-worn notebook” to organize and record her progress toward her career goals. “Whatever it takes to stay focused on your goal, do it and believe you can do it,” she added.
Nicole said trusting her instincts and believing in her ability to succeed has made the biggest difference in her career so far.
“There are times in your career when your gut feeling kicks in,” he said, noting that he experienced that feeling when he left Taco Bell to become CEO of Chipotle in 2018. “Embrace your instinctual intelligence and take action. Trust your gut.”
The five-word confident phrase Nicole used when she was hired as Starbucks’ new CEO
Nicol’s experience landed him the CEO job at Starbucks, but it was his confidence that set him apart from other candidates the coffee chain was considering.
During a phone interview with Starbucks’ former chairwoman, Mellody Hobson, Nicol used a five-word phrase to demonstrate her confidence and preparation for the job.
“I remember talking to him and he said, ‘I know what needs to be done,'” Hobson, who handed over his role as Starbucks’ board chairman to Nicol and now serves as lead independent director, said during an August 13 appearance on CNBC’s “Squawk Box.”
Hobson continued, “He said, ‘This is a speed bump in our company’s history. I’m not afraid to tackle this.’ That was very encouraging to our board.”
In his new role, Nicol will receive an annual base salary of $1.6 million and will commute lightning-fast on a corporate jet from his home in Newport Beach, California, to Starbucks’ Seattle headquarters.
“Brian has delivered significant financial returns over the years and has proven himself to be one of the most effective leaders in our industry,” a Starbucks spokesperson said in a statement to CNBC Make It. “We are confident he has the capabilities to deliver long-term, enduring value to our partners, customers and shareholders.”
Want to master your money this fall? Enroll in CNBC’s new online course. We’ll teach you actionable strategies to master your budget, reduce your debt, and grow your assets. Get started today and be confident and successful. Use code EARLYBIRD to get an introductory discount of 30% off for the back-to-school season. Discount extended through September 30, 2024.
Plus, sign up for the CNBC Make It newsletter to get tips and tricks to succeed in work, money and life.
