Indian-Origin Laxman Narasimhan to be Next CEO of Starbucks

Earlier, Narasimhan served as the CEO of Reckitt, a company that also produces Mucinex cold syrup, Durex condoms, and Enfamil baby formula.
Laxman Narasimhan to be next CEO of Starbucks
Laxman Narasimhan to be next CEO of Starbucks

Indian origin Laxman Narasimhan is all set to be the next chief executive officer of Starbucks.

This was announced by the company on Thursday.

Earlier, Narasimhan served as the CEO of Reckitt, a company that also produces Mucinex cold syrup, Durex condoms, and Enfamil baby formula. FTSE-listed Reckitt's shares dropped 4 percent after he announced his departure from that post earlier in the day.

Starbucks is going through a difficult time. Over 200 of its US stores have joined the union in the last year as workers fight for improved benefits and pay amid high inflation.

While dealing with rising expenses for ingredients and labour, the company is also reworking its focus from cafes that encouraged longer visits to mobile pickup and delivery.

Additionally, the US coffee chain's operations in one of its main international markets has slowed due to Covid-19 restrictions in China.

After spending a few months getting to know the company and its "Reinvention" strategy, which includes paying better wages for baristas, enhancing employee welfare and customer experience, and reimagining locations, Mr. Narasimhan will join Starbucks in October however will take the helm in April 2023.

Howard Schultz, the interim CEO who took over the company's helm for a third time in April after Kevin Johnson retired, will remain in charge until then.

In a letter formally greeting Mr. Narasimhan, Schultz described him as "He is a strategic and transformational leader with deep experience in building powerful consumer brands."

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