New York: Indian-origin executive Laxman Narasimhan has officially taken charge as the new CEO of the international coffee chain Starbucks. In September 2022, the company announced that Narasimhan will become the company's next CEO and join the Board of Directors.
"Effective today, Laxman Narasimhan has assumed the role of chief executive officer and will join the company's board of directors. As he ascends into the role, Narasimhan will continue engaging the leadership team, sharing his early learnings and insights and assessing opportunities for the company as they chart a path forward," said an official statement. He will also lead Starbucks' Annual Shareholder Meeting on March 23.
A statement from Starbucks said Narasimhan has spent the past five months on "a unique immersion experience, traveling to work with employees in over 30 stores, manufacturing plants, and support centers around the world." He also earned the barista certification. "I am humbled to officially step into my role as Starbucks' chief executive officer, leading our incredible team of more than 450,000 green apron partners around the world," said the new CEO.
He took over the duties from Howard Schulz, founder and now former CEO. He said the foundation of the company laid by Schultz "building from scratch an iconic global brand fuelled by a lasting passion to uplift humanity is truly remarkable." He added that he is honoured to build on "this deep heritage".
"As a human connection business, we have limitless possibilities to deliver for our partners, our customers, our investors, and our communities through every cup and every connection. I am excited to work alongside our partners worldwide to unlock the limitless future of Starbucks," he added.
Independent Starbucks Board of Director's chair Mellody Hobson said Narasimhan's "intensive immersion" into the business coupled with his extensive experience as a proven brand builder, innovator, and operator have uniquely prepared him to lead Starbucks into its next phase of growth. This helped to deepen his understanding of Starbucks culture and values. "In this time of learning and listening, he has already won the hearts and minds of our partners around the world."
Narasimhan joined Starbucks as the incoming CEO in October 2022 and relocated from London to Seattle. He is the former CEO of UK-based consumer health, hygiene, and nutrition multinational Reckitt Benckiser. He has close to 30 years of experience in leading global consumer goods businesses and advising retail, grocery, restaurant, and e-commerce companies.
He has worked with PepsiCo and McKinsey & Company. He is also a trustee at the Brookings Institution, a member of the Council on Foreign Relations, a member of the UK Prime Minister's Build Back Better Council, and a member of Verizon's Board of Directors.
Narasimhan is originally from India and has a degree in Mechanical Engineering from the College of Engineering, University of Pune. He also has a Master of Arts in German and International Studies from The Lauder Institute at The University of Pennsylvania and a Master of Business Administration in Finance from The Wharton School of The University of Pennsylvania.