The world’s largest coffee corporation, Starbucks, announced on Thursday that Laxman Narasimhan, an Indian national, had been chosen as its new CEO. Howard Schultz, who will serve as temporary CEO until April 2023, will be replaced by him at Starbucks on October 1.
Narasimhan, an Indian CEO who is 55 years old, has led the UK-based Reckitt Benckiser Group PLC, which makes Lysol and Enfamil infant formula.
The Starbucks chairperson, Mellody Hobson, told The Wall Street Journal that the firm feels Narasimhan is a proven leader and that as a result, it has found an extraordinary candidate to be its next CEO.
The new CEO will move from London to the Seattle area, according to the firm, and start working for Starbucks on October 1.
“We have asked Schultz to remain as interim CEO until April 2023 to assist the new CEO. Narasimhan will assume the CEO role on April 1. He will take over the world’s largest coffee chain in a number of locations and sales,” Hobson added as quoted by The Wall Street Journal.
Howard Schultz visited Buffalo, New York, in November of last year to deliver a message to workers who were debating unionising: Starbucks will do the greatest job protecting workers’ rights.
To achieve its growth objectives, Starbucks required more employees. By the end of the decade, the firm intends to open more than 20,000 cafés worldwide. Additionally, it needs to boost confidence among stockholders. Since Schultz’s comeback was announced last year, Starbucks stock, which has lagged other restaurant industry shares in recent months, has increased by about 8%.
Schultz shaped Starbucks’ image and customer experience after purchasing the neighbourhood Starbucks coffee shop in 1987. He created its cafes as a place to linger over espressos and lattes. He also contributed to the creation of the company’s benefits programme for its baristas and other employees, which covers the cost of employee healthcare, paid time off, and benefits for those putting in at least 20 hours per week, according to Schultz.