Shares of CMC (CMG.US) fell more than 10% after news that its CEO was about to join Starbucks.

Tuesday, shares of CMG (CMG.US) fell, down more than 10% as of this writing, trading at $50. According to reports, Starbucks (SBUX.US) announced that Brian Niccol, CEO of CMG, will start as its CEO and chairman on September 1. Jack Hartung, who was originally scheduled to retire in January next year and has been the company's CFO for a long time, will delay his retirement. Brian Niccol is currently the chairman and CEO of CMG. Since he became the CEO in 2018, Brian Niccol has completely changed CMG, under his leadership, CMG's revenue almost doubled, the profit grew by about seven times, and the stock price increased by nearly 800%. Scott Boatwright, the COO of CMG, will serve as the interim CEO, and Scott Maw, a board member, will be appointed as the chairman.