Starbucks on Thursday named Indian-origin Laxman Narasimhan as its new Chief Executive Officer who will replace Howard Schultz. Narasimhan will be joining the company on October 1. Schultz will continue as interim chief until April 2023, after which he will continue as a member of the Starbucks Board of Directors.
Independent Starbucks Board of Director's chair Mellody Hobson in a statement called Laxman Narasimhan 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.
Present CEO Howard Schultz said, “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 quoted by Starbucks. According to the company, Narasimhan will relocate from London to the Seattle area and join Starbucks as the incoming CEO on October 1.