Narasimhan was most recently CEO of health and hygiene company Reckitt, which owns brands such as Lysol, Durex and Mucinex. He announced earlier Thursday that he was stepping down from that role. He will join Starbucks in October, learning about the company and its reinvention plan, before taking the top job in April.
Until then, Howard Schultz will continue as interim CEO of the coffee chain that has grown into a global giant. Schultz will remain on the Starbucks board after Narasimhan succeeds him.
Schultz has been at the helm since April, when his handpicked successor Kevin Johnson retired after five years on the job. Schultz returned to the company as its interim CEO, earning just $1 in salary. In the meantime, Schultz and the Starbucks board have been hunting for a long-term successor, with the intention of announcing a new CEO in the fall. (The coffee chain brought back the Pumpkin Spice Latte and other fall menu items on Tuesday.)
Schultz has previously said he wants to reinvent the employee, customer and store experience to account for how the world has changed since the pandemic. The company is holding an investor day on September 13 in Seattle, where it is expected to reveal more details about the bold changes it plans to make.
Starbucks said in a press release that Schultz will remain “closely involved” with the plan and act as an adviser to Narasimhan.
Narasimhan previously worked at PepsiCo, serving as global commercial director among other roles. Before working at the food and beverage giant, he was a senior partner at McKinsey.
As CEO, he will have to face a number of challenges. In its home market, Starbucks is facing a union push, with more than 200 U.S. stores voting to organize under Workers United. The battle resulted in negative headlines and legal battles. Inflation hasn’t hurt sales yet, but it has pushed menu prices higher. And China, its second-largest market, is struggling to recover from the pandemic, hampered by the country’s zero-Covid policy.
“His deep, hands-on experience driving strategic transformations in global consumer-facing businesses makes him the ideal choice to accelerate Starbucks’ growth and capitalize on the opportunities ahead,” said the Starbucks board chair. , Mellody Hobson.
title: “Starbucks New Ceo Laxman Narasimhan Replacing Howard Schultz Klmat” ShowToc: true date: “2022-11-09” author: “Yvonne Cauterucci”
Narasimhan was most recently CEO of health and hygiene company Reckitt, which owns brands such as Lysol, Durex and Mucinex. He announced earlier Thursday that he was stepping down from that role. He will join Starbucks in October, learning about the company and its reinvention plan, before taking the top job in April.
Until then, Howard Schultz will continue as interim CEO of the coffee chain that has grown into a global giant. Schultz will remain on the Starbucks board after Narasimhan succeeds him.
Schultz has been at the helm since April, when his handpicked successor Kevin Johnson retired after five years on the job. Schultz returned to the company as its interim CEO, earning just $1 in salary. In the meantime, Schultz and the Starbucks board have been hunting for a long-term successor, with the intention of announcing a new CEO in the fall. (The coffee chain brought back the Pumpkin Spice Latte and other fall menu items on Tuesday.)
Schultz has previously said he wants to reinvent the employee, customer and store experience to account for how the world has changed since the pandemic. The company is holding an investor day on September 13 in Seattle, where it is expected to reveal more details about the bold changes it plans to make.
Starbucks said in a press release that Schultz will remain “closely involved” with the plan and act as an adviser to Narasimhan.
Narasimhan previously worked at PepsiCo, serving as global commercial director among other roles. Before working at the food and beverage giant, he was a senior partner at McKinsey.
As CEO, he will have to face a number of challenges. In its home market, Starbucks is facing a union push, with more than 200 U.S. stores voting to organize under Workers United. The battle resulted in negative headlines and legal battles. Inflation hasn’t hurt sales yet, but it has pushed menu prices higher. And China, its second-largest market, is struggling to recover from the pandemic, hampered by the country’s zero-Covid policy.
“His deep, hands-on experience driving strategic transformations in global consumer-facing businesses makes him the ideal choice to accelerate Starbucks’ growth and capitalize on the opportunities ahead,” said the Starbucks board chair. , Mellody Hobson.
