Indian-born Laxman Narasimhan was appointed CEO of the multinational coffee company Starbucks. Howard Schultz will leave Starbucks on October 1st, 2022, and be replaced by Narasimhan, who will serve as acting CEO until April 1st, 2023.
The UK-based Reckitt Benckiser Group PLC, which manufactures Lysol and Enfamil baby formula, has a 55-year-old Indian man as its chief executive.
On October 1st, he will move from London to the Seattle area and start working for Starbucks as the company’s new CEO.
In addition, according to Hobson, the board of Starbucks requested that Schultz serves as interim CEO through April 2022 to support Narasimhan as he assumes the CEO position and joins the board of directors on April 1st. As it transitions to a shifting business situation, Narasimhan will take over the largest coffee chain in the world in terms of both locations and sales.
Laxman Narasimhan, the CEO of Reckitt Benckiser, was previously announced to be leaving the position at the end of September after three years in the position.
“Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us. His understanding of our culture and values, coupled with his expertise as a brand builder, innovation champion, and operational leader will be true differentiators as we position Starbucks for the next 50 years, generating value for all our stakeholders. On behalf of the entire Board, I am thrilled to welcome Laxman as Starbucks next CEO,” said Mellody Hobson, Independent Starbucks Board of Director chair.
“When I learned about Laxman’s desire to relocate, it became apparent that he is the right leader to take Starbucks into its next chapter. He is uniquely positioned to shape this work and lead the company forward with his partner-centered approach and demonstrated track record of building capabilities and driving growth in both mature and emerging markets. As I have had the opportunity to get to know him, it has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers, and communities. The perspectives he brings will be a strong asset as we build on our heritage in this new era of greater well-being. I greatly look forward to our partnership over the coming months and years,” said Schultz.
“Starbucks commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivaled, globally admired brand that has transformed the way we connect over coffee. I am humbled to be joining this iconic company at such a pivotal time, as the Reinvention and investments in the partner and customer experiences position us to meet the changing demands we face today and set us up for an even stronger future,” said Narasimhan. “I look forward to working closely with Howard, the Board, and the entire leadership team – and to listening and learning from Starbucks partners – as we collectively build on this work to lead the company into its next chapter of growth and impact.”
