Starbucks names Laxman Narasimhan as next CEO
Starbucks has announced that Laxman Narasimhan will become the company's next chief executive and is set to join the company in October.
Narasimhan will be relocating from London to Seattle and will work closely with interim chief executive Howard Schultz before assuming the chief executive role and joining the board on 1 April 2023. He most recently served as chief executive officer of health, hygiene and nutrition company Reckitt.
Mellody Hobson, independent Starbucks board of directors chair, said: "Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us. 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, generating value for all our stakeholders. On behalf of the entire board, I am thrilled to welcome Laxman as Starbucks next CEO."
Schultz will remain in the role of interim chief executive during this transition period, following which he will continue as a member of the Starbucks board of directors and act as an ongoing advisor to Narasimhan.
He said: "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. "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."
Previously, Narasimhan held various leadership roles at PepsiCo, including as global chief commercial officer. He also served as chief executive of the company's Latin America, Europe and Sub-Saharan Africa operations, chief executive of PepsiCo Latin America, and the chief financial officer of PepsiCo Americas Foods.
Prior to PepsiCo, he was a senior partner at McKinsey & Company, where he focused on its consumer, retail and technology practices in the US, Asia and India. He is also a trustee of the Brookings Institution, a member of the Council on Foreign Relations, served as a member of the UK Prime Minister's Build Back Better Council, and is a member of Verizon's board of directors.
He said: "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.
"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."
Photo: Shutterstock / gowithstock
