Laxman Narasimhan has officially taken over as the chief executive of Starbucks Corp., the coffee giant announced Monday.
Narasimhan s hiring as Starbucks 'SBUX CEO was announced at the beginning of September, and he joined the company as incoming CEO at the beginning of October. He seems to be taking over as CEO and will join the board on April 1, 2023, according to the Sept. 1 announcement of his hiring.
He replaces Howard Schultz, the company's founder, who will remain on the company's board of directors. Narasimhan has been on a unique immersion experience over the past five months, working with partners in more than 30 stores, manufacturing plants and support centers around the world, and earning his barista certification along the way, the company said in a Monday morning release. He became involved in the reinvention plans for the company led by Schultz. Howard Schultz, a world-class leader, will do a stint as the former CEO of Consumer-Health company Reckitt and a veteran of PepsiCo PEP. He also served as a senior partner at McKinsey Co., where he focused on consumer, retail and technology matters. In its hiring announcement, Starbucks said he led the firm s thinking on the future of retail. Schultz wrote a letter to the company's leaders on his last day as CEO, calling them the future of Starbucks. Our company is like a river, but the stewards of it will change over time, but it is always growing and changing, carving a new path and moving forward to something better, he wrote. Schultz said that the world needs Starbucks and Starbucks needs all of you.