Starbucks stock (SBUX) has endured difficult times in recent years, especially under Chief Executive Officer (CEO) Laxman Narasimhan, who was fired on Tuesday and will be replaced by Chipotle Mexican Grill (CMG) CEO Brian Niccol.

Since its IPO in 1992, Starbucks has had five CEOs, with founder Howard Schultz taking the reins three times. As the coffee chain struggles with declining revenue due to falling sales at its U.S. stores and intense competition from domestic brands in China, Niccol — like Narasimhan, a Starbucks outsider — must contend with an increasingly value-oriented consumer, but also with shares that have fallen about 6%. during the term of office of his predecessor.

Nevertheless, an investor in Starbucks’ initial public offering (IPO) would have done very well, significantly outperforming the S&P 500: The stock price has risen from the closing price of $21.50 at Starbucks’ IPO on June 26, 1992, to nearly $96 per share on Tuesday (today it is worth 34 cents per share, adjusted for subsequent stock splits).

Here’s how Starbucks stock has performed over the years under each CEO:

20 March 2023–13 August 2024: Laxman Narasimhan

Narasimhan took over at a time when the company was battling headwinds, including falling sales, frugal consumers and a weak Chinese market, as well as boycotts in the Middle East and the emergence of a new activist investor in the form of Starboard, shortly after activist hedge fund Elliott Investment Management acquired a stake. During this period, Starbucks shares have fallen by about 6 percent, while the benchmark S&P 500 has risen by about 37 percent.

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

The man credited with building Starbucks into a global multinational corporation took over the reins again after previous CEO Kevin Johnson retired. Under his recent leadership, Starbucks shares rose about 12%.

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

Kevin Johnson kept the company running despite pandemic-related lockdowns and supply shortages. Shares rose more than 55% under Johnson.

January 6, 2008 – April 2, 2017: Schultz

After Jim Donald’s departure, Schultz returned to run the coffee chain. During this period, Starbucks shares rose almost fivefold.

April 1, 2005 – January 5, 2008: Jim Donald

Donald was fired in 2008 as the chain struggled with overexpansion, slowing growth in the U.S. and competition from companies like McDonald’s (MCD). Under Donald, stocks fell by more than 25%.

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

The late Smith helped Starbucks grow from 45 stores when he took over as CFO in 1990 to 9,200 stores worldwide by the time of his retirement. During his tenure, the share price almost tripled.

1987-30 May 2000: Schultz

Schultz bought the company and expanded it. Between its IPO on June 26, 1992, and the end of his first term, Starbucks stock increased in value more than tenfold.