Liu’s appointment marks the second executive shake-up at Starbucks since Niccol took over as CEO in early September, following Michael Conway’s retirement after just eight months as North America CEO. That position will remain vacant as the company looks to fill a chief brand officer role to oversee product and marketing strategies.

Starbucks faces skepticism despite a new CEO as Jefferies downgrades the stock to a rare sell-equivalent rating, citing challenges in execution.

The shock announcement of Chipotle CEO Brian Niccol taking the helm of Starbucks following former boss Laxman Narasimhan’s departure was a much-needed jolt to the coffee giant’s stock: Company shares were up 22% the day after the news,

It’s too early to get excited about Starbucks Corp.’s prospects for a turnaround even with a new chief executive officer in charge, Jefferies analysts said, assigning a rare sell-equivalent rating to the struggling coffee chain operator.