Starbucks announces CEO successor to Howard Schultz
Starbucks has announced that Laxman Narasimhan will be taking over as CEO from current interim CEO Howard Schultz.
Currently set to take over in April of 2023, the 55-year-old Indian American businessman has previously been the CEO of consumer goods company Reckitt Benckiser and the CCO of PepsiCo.
“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,” said Mellody Hobson, chair of the Independent Starbucks Board of Directors. “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.”
Starbucks today announced that Laxman Narasimhan will become the company’s next chief executive officer, working closely with Howard Schultz, before assuming the role and joining the Board on April 1, 2023. https://t.co/AQCCDiT0bt
— Starbucks News (@StarbucksNews) September 1, 2022
Schultz has been the interim CEO of Starbucks since taking over from Kevin Johnson, who resigned in March. Schultz has been the highest-ranking executive twice in the past, once from 1986 until 2000 and again from 2008 to 2017.
Narasimhan will be taking over during a tumultuous time in the coffee giant’s history, with a growing unionization effort in locations across the country, record inflation, and global supply chain problems.
Currently, the regional office of the National Labor Relations Board says Starbucks is violating U.S. labor law by withholding pay hikes and other benefits from stores that have voted to unionize.
“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,” Narasimhan said in a statement after the announcement.