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Starbucks names new CEO

Starbucks

Starbucks has announced that Laxman Narasimhan will become the company’s next Chief Executive Officer and a member of the Starbucks Board of Directors.

Narasimhan will join Starbucks as incoming CEO on 1 October 2022 after relocating from London to the Seattle area and will work closely with Howard Schultz, interim CEO, before assuming the CEO role and joining the Board on 1 April 2023.

“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,” says 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.”

During the transition period, Narasimhan will be fully immersed in the company, spending time with Schultz and the management team, partners and customers and gaining in-depth exposure to the brand, company culture, and Reinvention plan. This will initially include Starbucks store immersions, visiting manufacturing plants and coffee farms, connecting with partners around the globe as well as Starbucks long term business partners.

Schultz will remain interim CEO during this transition period, following which he will continue as a member of the Starbucks Board of Directors.

“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-centred approach and demonstrated track record of building capabilities and driving growth in both mature and emerging markets. I greatly look forward to our partnership over the coming months and years,” says Schultz.

Narasimhan brings nearly 30 years of experience leading and advising global consumer-facing brands. Most recently, he served as CEO of Reckitt, a multinational consumer health, hygiene, and nutrition company, where he led the company through a major strategic transformation and a return to sustainable growth.

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