In September 2024, Starbucks' then-CEO was abruptly fired after 17 months in the role; the decision followed three quarterly drops in consumer traffic and declining operating revenues. The board then turned to Brian Niccol, a veteran fast-food company executive. Niccol was deemed highly qualified due to his turnaround of two fast-food chains, Chipotle Mexican Grill and Taco Bell. Starbucks was struggling in its two largest markets, the United States and China, which together accounted for 83% of the company's global $36.2 billion in sales. In both markets, customer orders and same-store sales had declined. Niccol's first year was a difficult one, raising questions about his strategy and tactics. The disappointed investors were selling out...