We reported in March that Starbucks’ Kevin Johnson was retiring as Chief Executive Officer, to be replaced by interim CEO Howard Schultz. Now, the company has named a new leader to the role more permanently. Laxman Narasimhan will be stepping up as the company’s new CEO, bringing with him over 30 years of expertise in consumer products.
Last Thursday, according to The Wall Street Journal, Narasimhan announced he would be stepping down from his former role as of September 30. He will reportedly be relocating from London to Seattle, Washington, to join Starbucks as incoming CEO on October 1.
In his previous role, Narasimhan served as CEO of Reckitt Benckiser Group, the parent company of brands such as Lysol and Enfamil, for three years. Narasimhan also held leadership roles at PepsiCo, which has strong ties with the Starbucks chain, including as CEO of PepsiCo Latin America.
“We really do believe that we have found an exceptional individual to be our next CEO. He’s a tested leader,” Starbucks Board Chairwoman Mellody Hobson said in an interview Thursday, according to the news source, noting how valuable the addition of Narasimhan will be.
Schultz will reportedly continue his role as interim CEO through April 2023 in an effort to make the leadership transition as smooth as possible. As of April 1, Narasimhan will officially enter the role of CEO and Board Member.
“He certainly has a special voice, a deep knowledge of the business in ways none of us has and we want that,” Hobson said of Schultz and the role he has played during the foodservice operator's leadership transition.
We at Deli Market News raise a glass to these leaders as they continue their important work.