In a new memo, Niccol offers a clinical deconstruction of what’s going wrong at the coffee chain—and hints as to how he plans to make it right.

Starbucks' new CEO Brian Niccol said he would focus on reinvigorating coffeehouse culture at the chain's stores in the U.S. as he takes the helm in the midst of patchy demand for its pricey lattes.

In an open letter to Starbucks customers, employees, and investors, Niccol admitted that the company has “drifted from its core”