New Delhi

Starbucks on Tuesday (August 13) appointed Chipotle's Brian Niccol as its new chief executive officer, with Laxman Narasimhan stepping down with immediate effect. 

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The global coffee shop chain has been under intense pressure from activist investors. This also includes Elliott Investment Management, who acquired a stake in the company in the recent past.

"We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself," said Mellody Hobson, Starbucks board chair, on Tuesday (August 13), citing his "proven track record of driving innovation and growth".

The shares in Starbucks rose 11 per cent in pre-market trading. Chipotle shares, however, fell 10 per cent at the time of filing this report.

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This is a developing story. More information will be added soon.