Starbucks scales back discounts as Brian Niccol seeks turnaround [Video]

Starbucks CEO Brian Niccol is pumping breaks on discounts as it tries to turn around the struggling coffee giant.

The company has reduced discounts it offers during the past year since Niccol, tapped to become CEO in August, replacing Laxman Narasimhan, took over, executives told the Wall Street Journal.

Niccol, formerly the Chipotle CEO, was chosen to replace Narasimhan after a slumping stock price and sales drop prompted pressure from activist investors and former CEO Howard Schultz, who posted on social media in May that the company needed a strategic overhaul. 

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Starbucks is one of several restaurants and fast-food chains that doled out discounts to win back cost-conscious consumers amid inflation. Moving forward, Niccol is deploying a different strategy to win back customers.

During the holiday season, for instance, the company doesn’t plan to run broad offers though it will promote …