Starbucks (SBUX) The stock rose more than 20% at the opening on Tuesday after the company announced Replacement of the Chairman of the BoardLaxman Narasimhan, a food industry veteran.

The coffee giant tapped the current Chipotle (CMG) CEO Brian Niccol, who has led the fast-casual chain since 2018, will be its new boss starting September 9. During his tenure at Chipotle, “revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased nearly 800%,” Starbucks said.

“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself,” said Mellody Hobson, Starbucks CEO. “Brian is a culture leader who brings a wealth of experience and a proven track record of driving innovation and growth.”

Starbucks shares closed at $93.38 on Tuesday morning, their highest level in nearly five months. The surge helped the Seattle-based company erase most of its losses this year and brought its market capitalization to $104 billion.

While Starbucks shares received a welcome boost from the news, Chipotle shares fell 11% on Tuesday morning following the announcement. Chipotle shares has risen nearly 11% so far this year, with shares valued at $50.18 at market open. The stock moves reduced Chipotle’s market cap to $68.39 billion.

The company conducted a 50:1 stock split in late June to support the creation of shares that were worth more than $3,000 each, more accessible to investors.

Read more: Chipotle tends towards “generous” portion sizes after online protests

Niccol will step down as Chipotle’s CEO on Aug. 31 and Chief Operating Officer Scott Boatwright will step in as interim chief while the company begins a search for a successor, the company said in a separate opinion.

“Our robust talent planning process means we are well prepared for events like this given the large number of employees within the organization,” said Scott Maw, Chipotle’s chief executive officer. “The board is pleased to have other strong leaders expand their roles and provide growth and development for more people in the organization.”

Niccol is a veteran of the food retail industry. Prior to Chipotle, Niccol served as CEO of Taco Bell and held other C-suite positions at the brand. Before that, he held executive roles at Pizza Hut. He began his career at consumer goods giant Procter & Gamble. (PG).