Narasimhan will become the new CEO of Starbucks on October 1. He will officially start his position in April and will then join the company’s board of directors as well.
Reckitt Benckiser Group, where Narasimhan most recently served as CEO, has announced Earlier on Thursday he was stepping down.
Narasimhan takes over at a pivotal moment for Starbucks.
In the six months before Narasimhan officially takes office, he’ll spend time with Schultz and other company leaders, employees and customers and learn about Schultz’s recent reinvention plan, who said the company needs an overhaul.
In a statement Thursday, Narasimhan said he was “humbled” to join Starbucks “because innovation and investments in partner and customer experiences enable us to meet the changing demands we face today.”
Schultz said Thursday that Narasimhan is the right person for the job.
“He is a strategic and transformational leader with deep experience building strong consumer brands,” Schultz said. “He’s the leader we’ve been looking for.”
Narasimhan’s former company, Reckitt Benckiser, is the manufacturer of several hygiene and health brands in the UK, including Durex Condom, Lysol and Mucinex. He was appointed CEO of a multi-billion dollar company in 2019.
The British company said in a statement earlier Thursday that “Laxman decided for personal and family reasons to return to the United States and was contacted for the opportunity to be able to live there.”
Melody Hobson, Independent Chairman of the Starbucks Board of Directors, called Narasimhan an “inspiring leader,” adding that his “deep work experience in leading strategic transformations in global consumer-oriented businesses makes him the perfect choice.”
News of Narasimhan’s appointment comes ahead of Starbucks’ annual investor day on September 13.
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