Starbucks appoints Laxman Narasimhan as new CEO

Starbucks has announced that its new CEO, Laxman Narasimhan, has officially assumed the role, succeeding founder and now former CEO, Howard Schultz.

Narasimhan was announced as the incoming CEO of the company on 1 September 2022. Initially Narasimhan was supposed to take the lead on 1 April but Starbucks announced on Monday that he officially started his role after it was revealed that Schultz is set to testify in front a US Senate committee over his anti-unionisation views. 

Narasimhan has over 30 years of experience leading global consumer goods businesses, such as Reckitt and PepsiCo. Over the past five months, he has travelled to over 30 stores manufacturing plants and in support centres around the world, earning his barista certification along the way. He is set to lead Starbucks Annual Shareholder Meeting on 23 March.

Schultz, who was already CEO of the company from 1986 to 2000 and from 2008 to 2017, returned nearly a year ago after former CEO Kevin Johnson announced his retirement. Since his return, The company saw a 47 percent stock price increase and market cap growth of approximately $40bn (£32bn) during that same time. Last year, Schultz announced this would be his last time as CEO.

In an open letter published on Monday, Schultz said: “As I turn Starbucks over to you now, know that you have my utmost confidence, trust and love. You all are the future of Starbucks. The world needs Starbucks – and Starbucks needs all of you.”

Regarding his new career, Narasimhan said: “I am humbled to officially step into my role as Starbucks chief executive officer, leading our incredible team of more than 450,000 green apron partners around the world.

“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 honoured to have the opportunity to build on this deep heritage.”