Howard Schultz will serve as interim CEO until April 1, 2023, serve as an advisor to Narasimhan until 2023, and remain on Starbucks’ board of directors.
SEATTLE (September 1, 2022) – Starbucks (NASDAQ: SBUX) today announced that Laxman Narasimhan will become the company’s next Chief Executive Officer and a member of Starbucks’ Board of Directors. Narasimhan will join Starbucks as the next CEO on October 1, 2022, after relocating from London to the Seattle area, and will serve as interim CEO before assuming his CEO role and joining the board on April 1, 2023. working closely with Howard Schultz of
Narasimhan brings nearly 30 years of experience leading and advising global consumer brands. He is known for his considerable operational expertise and his track record in developing purpose-driven brands. Building on the company’s history, he has successfully combined talent and realized his future ambitions by driving consumer-centric digital innovation. He served as Chief Executive Officer of Reckitt, a national consumer health, hygiene and nutrition company, where he led the company through major strategic transformations and a return to sustainable growth.
“Luxman is an inspiring leader. His deep hands-on experience driving strategic transformation in global consumer businesses makes him an ideal candidate to accelerate Starbucks’ growth and capture the opportunities that lie ahead of us. His understanding of our culture and values, combined with his expertise as a brand builder, innovation champion, and operations leader, will position Starbucks for the next 50 years and help us create value for all our stakeholders. On behalf of the entire board, I am thrilled to welcome Luxman as the next CEO of Starbucks,” said Melody Hobson, Chairman of Starbucks Independent Board of Directors. said.
During the transition period, Narasimhan will be fully immersed in the company, spending time with Schultz and management, partners and customers, and gaining deep insight into the brand, corporate culture and transformation plans. This includes, first, immersion in Starbucks stores, visits to manufacturing plants and coffee farms, and connections with partners around the world and long-term Starbucks business partners.
Schultz will maintain his role as Interim CEO during this transition period and will continue as a member of Starbucks’ Board of Directors thereafter. He will remain closely involved in reinventing the company and will serve as an ongoing advisor to Narasimhan.
“When we learned that Mr. Luxman wanted to relocate, it became clear that he was the right leader to lead Starbucks into its next chapter. He is uniquely positioned to drive the company forward in both mature and emerging markets, demonstrating a track record of building capabilities and driving growth in both mature and emerging markets. It became evident that we share our passion for and commitment to our partners, customers and communities. We are very much looking forward to our partnership over the coming months and years,” Schultz said.
“Starbucks’ commitment to improving humanity through connection and compassion has long set the company apart. At such a critical time, we are at this emblematic position because reinventing and investing in our partners and customer experience enables us to meet the changing demands we face today and prepare ourselves for an even stronger future. I am honored to be joining such a prestigious company.” I look forward to working closely with Howard, the Board and the entire leadership team, and hearing and learning from our Starbucks partners. Building on this commitment, we will work together to lead the company into the next chapter of growth and impact. ”
Previously, he held various leadership roles at PepsiCo. This included the global chief commercial officer 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, formerly PepsiCo where he was CEO of Latin America, and PepsiCo Americas where he was CEO of Foods. was Prior to joining PepsiCo, as his senior partner at McKinsey & Company, he led the company’s thinking on the future of retail, focusing on consumer, retail and technology practices in the US, Asia and India.
Narasimhan is also a board member 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 Verizon Board of Directors. He holds a degree in Mechanical Engineering from the Faculty of Engineering, University of Pune, India. He holds a master’s degree in German and International Studies from the University of Pennsylvania Lauder Institute and his MBA in Finance from the University of Pennsylvania Wharton School.
Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality Arabica coffee. Today, with over 34,000 stores worldwide, the company is the world’s premier specialty coffee roaster and retailer. Through our unwavering commitment and guiding principle to excellence, we bring a unique Starbucks experience to every customer through every cup. Please visit .com.