Business

Starbucks names Laxman Narasimhan as next CEO

Starbucks names Laxman Narasimhan as next CEO
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Narasimhan will become the new CEO at Starbucks on October 1st. He will officially begin his role in April and will then also join the company’s board of directors.

This was announced by the Reckitt Benckiser Group, where Narasimhan last worked as CEO earlier Thursday that he would be stepping down.

Narasimhan takes on the role at a pivotal moment for Starbucks.

The company is trying to do that in the US Repelling a union wave in the United States. Strict Covid-19 restrictions are now in place harm the company’s business in Chinaa crucial market.
Laxman Narasimhan becomes Starbucks' new CEO.

In the six months leading up to Narasimhan’s official acquisition, he will spend time with Schultz, other company leaders, employees and customers, and become familiar with Schultz’s recently drafted reinvention plan, which said the company needs to be overhauled.

“The Starbucks business as it is structured today is not designed to fully meet the evolving behaviors, needs and expectations of our partners or customers,” Schultz said wrote in an open letter in July. “It is not designed for the future we envision for ourselves and the communities in which we serve.”
Schultz’s plan for change includes “radically improving” the employee experience and redesigning stores, he wrote at the time. The company has since made changes such as Some stores closed citing safety concerns.

Narasimhan said in a statement Thursday that he was “humbled” to move to Starbucks “as the reinvention and investment in the partner and customer experiences enables us to meet the changing demands we face today.” .”

On Thursday, Schultz said Narasimhan was the right person for the job.

“He is a strategic and transformational leader with extensive experience building strong consumer brands,” said Schultz. “He’s the leader we’ve been looking for.”

Narasimhan’s former company, Reckitt Benckiser, is a UK-based manufacturer of several hygiene and health brands including Durex condoms, Lysol and Mucinex. In 2019 he was appointed CEO of the multi-billion dollar company.

The British company announced this in a statement earlier Thursday that “Laxman has decided to return to the United States for personal and family reasons and has been approached about an opportunity that will allow him to live there.”

Before joining Reckitt Benckiser, Narasimhan held various positions PepsiCo (PEP), including Global Chief Commercial Officer. He was also a senior partner at McKinsey focusing on consumer and retail.

Mellody Hobson, Starbucks Independent Chairman of the Board, called Narasimhan “an inspirational leader,” adding that “his deep real-world experience driving strategic change in global consumer-centric companies makes him an ideal choice.”

News of Narasimhan’s appointment comes ahead of Starbucks’ annual Investor Day on Sept. 13.

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