Here’s How Starbucks Stock Fared Under Its CEOs Since Going Public

Starbucks (SBUX) shares have had a rocky time in recent years, most notably under Chief Executive Officer (CEO) Laxman Narasimhan, who was ousted Tuesday and will be replaced by Chipotle Mexican Grill (CMG) CEO Brian Niccol.

Since going public in 1992, Starbucks has had five CEOs, with founder Howard Schultz taking the reins three times. As the coffee chain grapples with lower revenue from declining U.S. same-store sales and intense competition from home-grown brands in China, Niccol — like Narasimhan a Starbucks outsider — will have to address an increasingly value-seeking consumer but also shares that have fallen about 6% during his predecessor’s tenure.

Still, an investor in Starbucks at its initial public offering (IPO) would have done very well, substantially outperforming the S&P 500: The stock has risen to almost $96 a share Tuesday from the closing price when Starbucks went public on June 26, 1992, of $21.50 (now valued at 34 cents per share, adjusted for subsequent stock splits).

Here’s how Starbucks shares did under each of its CEOs over the years:

March 20, 2023–Aug. 13, 2024: Laxman Narasimhan

Narasimhan’s stint at the company came as it battled headwinds including sliding sales, a frugal consumer, and a weak Chinese market, but also Middle East boycotts and the emergence of a new activist investor in the shape of Starboard shortly after a stake purchase by activist hedge fund Elliott Investment Management. Starbucks shares have fallen about 6% in that time, compared with the benchmark S&P 500, which has risen about 37%. 

April 4, 2022-March 19, 2023: Howard Schultz

The man credited with building out Starbucks as a global multinational took over again after previous CEO Kevin Johnson retired. Under his latest round of leadership, Starbucks shares rose about 12%.

April 3, 2017-April 3 ,2022: Kevin Johnson

Kevin Johnson kept the company going through pandemic lockdowns and supply shortages. Shares under Johnson surged more than 55%.

Jan. 6, 2008-April 2, 2017: Schultz

Schultz came back to run the coffee chain after Jim Donald’s departure. In this stretch, Starbucks shares rose almost fivefold.

April 1, 2005-Jan. 5, 2008: Jim Donald

Donald was ousted in 2008 as the chain struggled with overexpansion, slowing U.S. growth, and competition from the likes of McDonald’s (MCD). Shares under Donald fell more than 25%.

June 1, 2000-March 31, 2005: Orin C. Smith

The late Smith helped Starbucks to grow from 45 stores when he arrived as chief financial officer in 1990 to 9,200 stores globally by the time he retired. Under his tenure, the share price almost tripled.

1987-May 30, 2000: Schultz

Schultz bought out the company and expanded it. Between the company’s June 26, 1992, listing until the end of his first stint, shares of Starbucks rose more than 10 times in value.