Seattle — Incoming CEO Laxman Narasimhan has assumed, officially, the role of chief executive officer of Starbucks, effective March 20. He will also join the company’s board of directors. Narasimhan was named incoming CEO on September 1, 2022, succeeding company founder and now former CEO, Howard Schultz.
Following the global search for the new leader of Starbucks, Narasimhan joined the company as incoming CEO on October 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies. Over the past 5 months, he has embarked on a unique immersion experience, traveling to work with employees in over 30 stores, manufacturing plants and in support centers around the world, earning his barista certification along the way. He became immersed in the reinvention plans for the company led by Schultz who returned as interim CEO on April 4, 2022.
Since Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than $1 billion in investments in retail partners and stores for prioritized areas such as increased pay and sick time accrual, new financial well-being benefits, modernized training and collaboration, store innovation and equipment and the celebration of coffee.
“Laxman’s intensive immersion into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth,” says Mellody Hobson, independent Starbucks board of directors chair. “This immersion has deepened Laxman’s understanding of Starbucks culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”
Founded in 1971, Starbucks Coffee Company today has more than 36,000 stores worldwide. For more information, visit www.starbucks.com.
SOURCE: Starbucks Coffee Company