Why Starbucks Stock Beat the Market in September
Shares of coffee chain Starbucks (NASDAQ: SBUX) gained slightly in September according to data provided by S&P Global Market Intelligence. That was against the backdrop of the S&P 500 losing almost 10% at the same time. Starbucks received renewed investor confidence after announcing a new CEO and a reinvention plan.
Starbucks has been dealing with many challenges in light of shifting consumer trends and global economic pressure. CEO Kevin Johnson left last year after navigating the company through difficulties at the beginning of the pandemic, and former CEO Howard Schultz stepped in to lead while the company searched for a new chief executive.
The company finally announced Laxman Narasimhan as the new CEO at the beginning of September. He's a seasoned consumer goods executive, with former positions at PepsiCo, and most recently at Reckitt Benckiser Group.
Source Fool.com
