Indian-origin Laxman Narasimhan will now take over as the CEO of coffee giant Starbucks. He will replace Howard Schultz at Starbucks
Washington: American multinational coffee company Starbucks has appointed Indian-origin Laxman Narasimhan as its new CEO. Narasimhan will take over as Starbucks CEO from October 1 replacing Howard Schultz. He will join Starbucks after relocating from London to Seattle.
According to a report by The Wall Street General, Starbucks Board Chair Melody Hobson said, “The company believes we have found an extraordinary person in our next CEO, Laxman Narasimhan. He has done many remarkable works in his field.
Hobson said Starbucks’ board has asked Schultz to remain as interim CEO until April 2023 to assist Narasimhan. According to The Wall National Journal, Narasimhan will assume the role of CEO and join the company’s board on April 1. According to the report, Narasimhan will hold many responsibilities as CEO in the world’s largest coffee chain company.
Narasimhan, 55, was most recently CEO of UK-based consumer, health, hygiene and nutrition company Reckitt, which makes Lysol cleanser and Enfamil formula, among other products. Reckitt had announced the sudden departure of Narasimhan on Thursday. Shares of Reckitt fell 5% after the announcement.
ABOUT LAXMAN NARASIMHAN
-Narasimhan, 55, was most recently CEO of Reckitt, a U.K.-based consumer health, hygiene and nutrition company that makes Lysol cleaner and Enfamil formula, among other products.
-Prior to that, Narasimhan held various leadership roles at PepsiCo, including as global chief commercial officer. He also served as CEO of the company’s Latin America, Europe and Sub-Saharan Africa operations.
-Narasimhan has also served as a senior partner at the consulting firm McKinsey & Co., where he focused on its consumer, retail and technology practices in the U.S., Asia and India.
-Speaking of his educational background, Narasimhan holds a degree in mechanical engineering from the University of Pune in India and a master’s degree in German and international studies from The Lauder Institute at the University of Pennsylvania. He also has a master’s in business administration from the University of Pennsylvania’s Wharton School.