Laxman Narasimhan replaces Howard Schultz as CEO of Starbucks
- ByStartupStory | March 20, 2023
Laxman Narasimhan has officially taken on the role of CEO at Starbucks, replacing founder and interim CEO Howard Schultz who stepped down for the third time on Monday.
Although Schultz will remain a member of the company’s board of directors, Narasimhan is now fully in charge.
Originally, Narasimhan was set to begin his role and join the board on April 1, 2023, but the announcement has been made earlier than expected. Narasimhan had been named as Starbucks’ incoming CEO in September and joined the company on October 1.
The company told that in last 5 months Narasimhan has extensively travelled to more than 30 stores, several manufacturing plants and support centres across the world.
According to Mellody Hobson, the chair of Starbucks’ independent board of directors, “the combination of the leader’s deep involvement in the business and their significant track record as a successful brand developer, innovator, and manager have given them exceptional readiness to guide Starbucks towards its upcoming stage of expansion”.
Narasimhan prior job experience includes serving as CEO of Lysol-maker Reckitt Benckiser where he was applauded to boost sales of health and hygiene products during the pandemic. He also had significant positon in PepsiCo as global chief commercial officer, where he was responsible for company’s long term strategies and digital capabilities.
Apart from the leadership change, Starbucks has a few important events coming up. The company will hold it’s annual meeting in a virtual mode on Thursday.
Furthermore, on March 29th, Schultz is expected to appear before the Senate HELP Committee to address accusations that Starbucks has not allowed its employees to unionise or engage in collective bargaining to improve their working conditions and wages, as stated in a press release from Senator Bernie Sanders of Vermont.
Schultz became CEO of Starbucks on April 4, 2022, following the retirement of CEO Kevin Johnson, who was in position for five years.
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