Starbucks appoints Laxman Narasimhan as CEO
Howard Schultz will continue as interim CEO until April 1, 2023 and will serve as an advisor to Narasimhan until the 2023 schedule while remaining on the Starbucks Board of Directors.
SEATTLE (September 1, 2022) – Starbucks (NASDAQ: SBUX) today announced that Laxman Narasimhan will become the company’s next CEO and member of the Starbucks Board of Directors. Narasimhan will join Starbucks as incoming CEO on October 1, 2022 after relocating from London to the Seattle area and will work closely with interim CEO Howard Schultz before assuming the role of CEO and joining the board of administration on April 1, 2023.
Narasimhan brings nearly 30 years of experience leading and advising global consumer brands. Known for his considerable operational expertise, he has a proven track record in developing targeted brands. Drawing on the companies’ history, he successfully rallied talent to realize future ambitions by driving consumer-centric and digital innovations. Most recently, he served as Managing Director of Reckitt, a FTSE-12 listed multinational consumer health, hygiene and nutrition company, where he led the business through a major strategic transformation and comeback. to sustainable growth.
“Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations in global consumer-facing businesses makes him the ideal choice to accelerate Starbucks’ growth and seize the opportunities that lie ahead. 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, driving value for all. our stakeholders. On behalf of the entire Board of Directors, I am delighted to welcome Laxman as the next CEO of Starbucks,” said Mellody Hobson, Chairman of Starbucks Independent Board of Directors.
During the transition period, Narasimhan will be fully immersed in the business, spending time with Schultz and the management team, partners and customers, and gaining in-depth exposure to the brand, corporate culture and business plan. of reinvention. This will initially include immersions in Starbucks stores, visiting manufacturing plants and coffee farms, connecting with partners around the world as well as long-term Starbucks business partners.
Schultz will remain in the interim CEO role during this transition period, after which he will continue as a member of the Starbucks Board of Directors. He will remain closely involved in the company’s reinvention and act as a permanent adviser to Narasimhan.
“When I learned of Laxman’s desire to move, it became clear that he was the right leader to bring Starbucks into its next chapter. He is in a unique position to shape this work and move the business forward through his partner-centric approach and proven track record of building capacity and driving growth in both mature and emerging markets.As I got to know him, it became clear that he shares our passion for investing in humanity and our commitment to our partners, customers and communities. The insights he brings will be a major asset as we build on our legacy in this new era of greater well-being. I look forward to our partnership over the months and years to come,” said Schultz.
“Starbucks’ commitment to uplifting humanity through connection and compassion has long distinguished the company, creating an unrivaled and globally admired brand that has transformed the way we connect over coffee. I am honored to join this iconic company at such a crucial time, as reinvention and investment in partner and customer experiences positions us to meet the changing demands we face today and prepares us for an even brighter future. strong,” said Narasimhan. “I look forward to working closely with Howard, the Board of Directors and the entire leadership team – and to listening and learning from Starbucks partners – as we let’s collectively build on this work to lead the company into its next chapter of growth and impact.
Previously, Narasimhan held various leadership roles at PepsiCo, including as Global Chief Commercial Officer, where he was responsible for the company’s long-term strategy and digital capabilities. He also served as CEO of the company’s operations in Latin America, Europe and Sub-Saharan Africa, and previously CEO of PepsiCo Latin America and Chief Financial Officer of PepsiCo Americas Foods. Prior to PepsiCo, Narasimhan was a senior partner at McKinsey & Company, where he focused on its consumer, retail and technology practices in the United States, Asia and India and led the company’s thinking on the future of retail.
Narasimhan is also a director of the Brookings Institution, a member of the Council on Foreign Relations, a member of the British Prime Minister’s Build Back Better Council and a member of the board of directors of Verizon. He holds a degree in Mechanical Engineering from the College of Engineering, University of Pune, India. He holds a master’s degree in German and international studies from the Lauder Institute at the University of Pennsylvania and an MBA in finance from the Wharton School at the University of Pennsylvania.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high quality Arabica coffee. Today, with more than 34,000 stores worldwide, the company is the world’s leading specialty coffee roaster and retailer. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks experience to life for every customer through every cup. To share the experience, visit us in our stores or online at stories.starbucks.com or www.starbucks.com.