Starbucks announced on Tuesday that it is replacing CEO Laxman Narasimhan with Chipotle chief Brian Niccol.

Niccol will take over as CEO of the coffee chain starting Sept. 9, the company said.

Starbucks Chief Financial Officer Rachel Ruggeri will serve as interim CEO until that time. Mellody Hobson, Starbucks board chair, will also become lead independent director.

Shares of Starbucks rose 10% in premarket trading on Tuesday after news broke about the leadership change.&nbsp;

This is a developing story. Please check back for updates.

Starbucks Corp. is replacing CEO Laxman Narasimhan with Chipotle Mexican Grill chief Brian Niccol. He is slated to take over the role in early September.{ai:summary}Starbucks is swapping out CEO Laxman Narasimhan for Brian Niccol from Chipotle, effective September 9. CFO Rachel Ruggeri steps in as interim CEO until then, while Mellody Hobson takes on a lead independent director role. The news sent Starbucks shares soaring 10% in premarket trading. #economy

Starbucks names Chipotle chief Brian Niccol as new CEO

Loading...