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.
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