Starbucks’ new CEO – CNN

Narasimhan will take over as CEO of Starbucks on October 1. He will officially begin his duties in April, after which he will join the company’s board of directors.

Reckitt Benckiser Group announced that Narasimhan recently served as CEO He will step down earlier on Thursday.

Narasimhan steps into the role at Starbucks’ pivotal moment.

In the US, the company is trying Stem the union tide In America. Meanwhile, strict Covid-19 restrictions are in place affecting the Company’s business in ChinaAn important market.

In the six months before Narasimhan officially takes over, Schultz will spend time with other company leaders, employees and customers to learn about the reinvention plan recently laid out by Schultz.

“The Starbucks business as it is structured today is not set up to fully meet the evolving behaviors, needs and expectations of our partners or customers,” Schultz said. wrote in an open letter In the month of July. “It’s not designed for the future we want for ourselves and the communities we serve.”
Schultz’s plan for change included “drastically improving” the employee experience and redesigning the stores, he wrote at the time. The company has since made such changes Some shops are closed for security reasons.

In a statement Thursday, Narasimhan said he was “humbled” to join Starbucks “as investments in innovation and partner and customer experiences position us to meet the changing demands we face today.”

On Thursday, Schultz said Narasimhan was the right person for the job.

“He is a strategic and transformational leader with deep experience in building powerful consumer brands,” Schultz said. “He was the leader we were looking for.”

Narasimhan’s previous company, Reckitt Benckiser, was a UK-based producer of several health and hygiene brands including Durex condoms, Lysol and Mucinex. He was appointed CEO of the multi-billion dollar company in 2019.

The British company said in a statement previous It said on Thursday that “for personal and family reasons Laxman has decided to relocate back to the US and has been approached for an opportunity to reside there.”

Prior to joining Reckitt Benckiser, Narasimhan held several positions PepsiCo (PEP), including the Global Chief Commercial Officer. He was also a senior partner at McKinsey, focusing on consumer and retail.

Mellody Hobson, independent chairman of the Starbucks group, called Narasimhan “an inspiring leader” and said his “deep experience in driving strategic change in global consumer-facing businesses makes him an excellent choice.”

News of Narasimhan’s appointment comes ahead of Starbucks’ annual investor day on September 13.

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