Starbucks Corp's soon-to-be chief executive is a "world-class leader" with deep knowledge of consumer-product companies, the coffee company's founder and interim-CEO Howard Schultz said on September 1.
Starbucks has embarked on a "reinvention plan" in recent months, and Schultz said that the incoming CEO knows the plan "in detail". Once Narasimhan is on board, "he will immediately begin a full immersion into Starbucks as we accelerate our work to transform the company for the future," Schultz said.
Starbucks on Thursday 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 October 1, 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 April 1, 2023.
Schultz took over as interim CEO of the coffee company in March, after CEO Kevin Johnson announced his retirement.
Schultz will remain in the role of interim CEO during this transition period, following which he will continue as a member of the Starbucks Board of Directors. He will remain closely involved with the company’s Reinvention and act as an ongoing advisor to Narasimhan.
"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," said Schultz.
"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," he added.
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 Latin America, Europe and Sub-Saharan Africa operations, and previously as the CEO of PepsiCo Latin America, and the CFO 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 U.S., Asia and India and led the firm’s thinking on the future of retail.
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