Starbucks boss replaced by Chipotle chief executive Brian Niccol

Brian Niccol was named the chairman and chief executive officer of Starbucks on August 13 (Mark Lennihan/AP)

Starbucks has announced that it is replacing its chief executive Laxman Narasimhan with Chipotle boss Brian Niccol, a move which saw the company’s shares jump more than 20%.

The Seattle coffee giant named Mr Niccol as its new chairman and chief executive, hoping he can revive fading sales and re-establish Starbucks as a destination where customers are willing to pay premium prices.