STARBUCKS said on Tuesday Chipotle Mexican Grill’s head, Brian Niccol, will replace chairman and chief executive officer Laxman Narasimhan.

Narasimhan, who was appointed as the company’s head in September 2022, is stepping down from his role as CEO and as a member of the Starbucks board with immediate effect.

Shares of Starbucks up 10% in premarket trading and Chipotle stock was down 8%.