Starbucks, the world-renowned coffee giant, has recently announced a significant change in its top leadership. On Monday, the company revealed that Laxman Narasimhan had assumed the role of CEO and joined the board of directors. Narasimhan takes over from Howard Schultz, who came out of retirement last spring to serve as interim CEO while the company searched for a new Chief Executive.
Schultz, who has been with Starbucks for more than 30 years, will continue to be part of the company’s board of directors. It was announced last September that Narasimhan would become the new CEO, and since then, he has been preparing for the role by visiting more than 30 Starbucks stores, manufacturing plants, and support centers around the world.
Narasimhan, 55, is a well-known business leader with vast experience in the consumer health and nutrition industry. Before joining Starbucks, he was the CEO of Reckitt, a UK-based consumer health, hygiene, and nutrition company, and he spent a long time working in executive positions at Pepsico.
The new CEO has also made an effort to understand the inner workings of the company by earning his barista certification, which is a testament to his commitment to understanding the company’s day-to-day operations.
Narasimhan, said, “The foundation Howard has laid – building from scratch an iconic global brand fueled by a lasting passion to uplift humanity – is truly remarkable, and I am honored to have the opportunity to build on this deep heritage.”
Narasimhan is set to lead Starbucks’ annual meeting on Thursday, where he will have the opportunity to showcase his leadership skills and share his vision for the company’s future.
Before Narasimhan’s appointment, Schultz served as interim CEO for a year and announced hundreds of millions of dollars in investments to improve worker pay and benefits and revamp Starbucks’ North American stores. The company reported record sales in its most recent quarter, which ended on January 1. However, Schultz also faced a growing unionization effort at its US stores, which the company opposes. Schultz is scheduled to testify before a Senate committee examining the company’s labor record later this month.
Starbucks’ decision to appoint Narasimhan as its new CEO demonstrates the company’s commitment to ensuring a smooth leadership transition and continuing to provide exceptional service to its customers. Narasimhan’s extensive business experience, commitment to understanding the company’s operations, and humility make him an excellent choice for the role, and he is well-positioned to lead the company to further success in the future.
