Starbucks new CEO Laxman Narasimhan to take over from Howard Schultz

Starbucks' new CEO Laxman Narasimhan takes helm in April 2023

Starbucks on Thursday named Laxman Narasimhan as its subsequent chief government officer.

Narasimhan most not too long ago served as CEO of well being and hygiene firm Reckitt, which owns manufacturers like Lysol, Durex and Mucinex. He introduced earlier Thursday he was stepping down from that function. He’ll be part of Starbucks in October, studying concerning the firm and its reinvention plan, earlier than assuming the highest job in April.

Till then, Howard Schultz will proceed as interim CEO of the espresso chain he grew into a worldwide big. Schultz will stay on Starbucks’ board after Narasimhan succeeds him.

Schultz has been on the helm since April, when his handpicked successor Kevin Johnson retired after 5 years on the job. Schultz returned to the corporate as its interim CEO, incomes simply $1 for his wage. Within the meantime, Schultz and the Starbucks board hunted for a long-term successor, with the intention of saying the brand new CEO within the fall. (The espresso chain introduced again the Pumpkin Spice Latte and different fall menu objects on Tuesday.)

Schultz has beforehand stated that he desires to reinvent the worker, buyer and retailer expertise to reckon with how the world has modified for the reason that pandemic. The corporate is holding an investor day on Sept. 13 in Seattle, the place it is anticipated to unveil extra particulars concerning the daring modifications it plans to make.

Starbucks stated in a press release that Schultz will stay “intently concerned” with the plan and act as an advisor to Narasimhan.

Narasimhan beforehand labored at PepsiCo, serving as its international chief business officer amongst different roles. Previous to working on the meals and beverage big, he was a senior companion at McKinsey.

As CEO, he’ll must deal with a lot of challenges. In its residence market, Starbucks is dealing with a union push, with greater than 200 shops within the U.S. voting to prepare beneath Employees United. The battle has resulted in destructive headlines and authorized battles. Inflation hasn’t harm gross sales but, however it has pushed menu costs greater. And China, its second-largest market, is struggling to bounce again from the pandemic, hampered by the nation’s zero Covid coverage.

“His deep, hands-on expertise driving strategic transformations at international consumer-facing companies makes him the perfect option to speed up Starbucks development and seize the alternatives forward of us,” Starbucks board chair Mellody Hobson stated in an announcement.


Source: https://www.cnbc.com/2022/09/01/starbucks-says-laxman-narasimhan-will-take-over-as-ceo-in-april.html

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