Laxman Narasimhan: The New CEO Of Starbucks
- Business
Nitin Kapur- 0
- 4 minutes read
Starbucks (NASDAQ: SBUX) recently made an announcement that the company appointed a new Chief Executive Officer (CEO). The new CEO of Starbucks is Laxman Narasimhan. He will also be a member of the Starbucks Board of Directors.
The new CEO of Starbucks is set to join the position on October 1, 2022. For this, he is expected to relocate to the Seattle Area from London and also needs to work closely with the interim CEO, Howard Schultz. He will be joining the Starbucks Board of Directors on April 1, 2023.
Official Statements For The New CEO of Starbucks
Mellody Hobson, the Independent Starbucks Board of Director’s Chair, in a statement, mentioned that:
“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. 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. On behalf of the entire Board, I am thrilled to welcome Laxman as Starbucks' next CEO.”
Howard Schultz will act as the interim CEO until Laxman Narasimhan is able to relocate and is done with the transition period. He will also act as an adviser to the new CEO. On the announcement of this change in the authorities, Schultz commented that:
“When I learned about Laxman’s desire to relocate, it became apparent that he is the right leader to take Starbucks into its next chapter. He is uniquely positioned to shape this work and lead the company forward with his partner-centered approach and demonstrated track record of building capabilities and driving growth in both mature and emerging markets. As I have had the opportunity to get to know him, it has become clear that he shares our passion for investing in humanity and in our commitment to our partners, customers, and communities. The perspectives he brings will be a strong asset as we build on our heritage in this new era of greater well-being. I greatly look forward to our partnership over the coming months and years.”
It is yet to be seen how well Starbucks’ new CEO will be able to uphold the integrity of the coffee chain company. Moreover, the growth of the business is also something that we have to watch on for.
