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Starbucks names new CEO – CNN

Narasimhan will become the next CEO of Starbucks on October 1. He will officially begin the role in his April, after which he will also join the company’s board of directors.

Reckitt Benckiser Group, which Narasimhan recently served as CEO, Early on Thursday, he will resign.

Narasimhan fills the role at a pivotal moment for Starbucks.

In the US, the company is trying to fend off a wave of domestic unionization. Meanwhile, severe Covid-19 restrictions have hit the company’s business in China, an important market.
Laxman Narasimhan becomes Starbucks'. new CEO.

In the six months before Narasimhan officially takes over, he will spend time with Schultz and other company leaders, employees and customers to familiarize himself with Schultz’s recent transformation plans.

“The Starbucks business as it is built today is not set up to fully meet the evolving behaviors, needs and expectations of our partners and customers,” Schultz said in a July open letter. Not designed for the future we aim for for ourselves and the communities we serve.
Schultz’s transformation plan included “fundamental improvements” to the employee experience and a redesign of the store, he wrote at the time. The company has since made changes, including closing some stores, citing safety concerns.

In a statement on Thursday, Narasimhan said he was “humbled” to join Starbucks, adding, “Our reinvention and investment in partner and customer experience will allow us to meet the changing demands we face today. ” he said.

Schultz said Thursday that Narasimhan is the right person for the job.

“He is a strategic and transformative leader with deep experience building strong consumer brands,” said Schultz. “He is the leader we were looking for.”

Narasimhan’s previous company, Reckitt Benckiser, is a UK-based manufacturer of several hygiene and wellness brands, including Durex condoms, Lysol and Mucinex. He was named CEO of his multi-billion dollar company in 2019.

The British company said in a statement just a while ago Thursday, “Luxman has decided to return to the United States for personal and family reasons and has been asked for the opportunity to allow him to live there.

Prior to joining Reckitt Benckiser, Narasimhan held several positions. pepsico (PEPs), including Global Chief Commercial Officer. He was also his senior partner at McKinsey, focusing on consumer and retail.

Melody Hobson, independent chairman of the Starbucks Board of Directors, called Narasimhan an “inspiring leader” and said, “His deep, hands-on experience driving strategic transformation in global consumer businesses makes him an ideal candidate. We are making it a good choice,” he added.

News of Narasimhan’s appointment comes ahead of Starbucks’ annual Investor Day on Sept. 13.

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