Sector News

Starbucks appoints Laxman Narasimhan as CEO

September 3, 2022
Consumer Packaged Goods

Starbucks has appointed Laxman Narasimhan as the company’s next CEO – effective 1 October – succeeding interim CEO Howard Schultz, who took on the role five months ago.

Narasimhan will relocate from London, UK, to Seattle, Washington, and will work closely with Schultz. Narasimhan’s most recent role was as CEO at Reckitt Benckiser Group – which announced his exit yesterday and promoted current senior independent director, Nicandro Durante, as CEO.

Narasimhan has also held various leadership roles at PepsiCo from 2014-2019, including CEO of Latin America, Europe and Sub-Saharan Africa and global chief commercial officer.

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.”

She added: “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.”

During the transition period, Schultz will continue in the role of interim CEO, following which he will continue to serve as a member of Starbucks’ board of directors.

By Rafaela Sousa


comments closed

Related News

April 14, 2024

McCain Foods completes acquisition of Strong Roots

Consumer Packaged Goods

McCain Foods has completed the acquisition of Irish plant-based frozen food manufacturer Strong Roots. The acquisition follows McCain and Strong Roots’ strategic partnership, which began in 2021 and resulted from a $55 million investment.

April 14, 2024

Cargill’s alternative cocoa collaboration gets off the ground as cocoa prices continue to climb

Consumer Packaged Goods

Cargill partners with Voyage Foods to scale up alternatives to cocoa-based products to meet consumers’ indulgence needs. The commercial partnership will also provide food manufacturers with nut spreads produced with no nut or dairy allergens used in the recipe formulation.

April 14, 2024

L’Occitane stock still halted as owner reportedly tries again to privatize beauty company

Consumer Packaged Goods

L’Occitane International owner Reinold Geiger is reportedly close to taking the company private in a deal with Blackstone. The French skin care company’s filing halted trading of its Hong Kong-listed shares this week. This is the second time in months that the Australian billionaire has attempted a buyout.

How can we help you?

We're easy to reach