Starbucks Names Indian-Origin Laxman Narasimhan As New CEO

Laxman Narasimhan will join Starbucks in October!

On Thursday, Starbucks Corp named Laxman Narasimhan as its next chief executive officer, choosing an executive credited with revitalizing the maker of Lysol disinfectants to undertake a "reinvention" of the world's biggest coffee chain.

As per the information,Mr Narasimhan was CEO of Reckitt, which also makes Durex condoms, Enfamil baby formula and Mucinex cold syrup. He announced his departure from that post earlier in the day, and FTSE-listed Reckitt's shares fell 4%.

As per the information, Starbucks faces a turbulent period. More than 200 of its US stores have unionized in the past year, with workers pushing for better benefits and wages at a time of surging inflation.

According to the information, Mr Narasimhan will join Starbucks in October but will take the helm in April 2023, after spending a few months learning about the company and its "Reinvention" plan, which includes paying better wages for baristas, improving employee welfare and customer experience and re-imagining stores.

"He is a strategic and transformational leader with deep experience in building powerful consumer brands," Schultz said in a letter to employees welcoming Mr Narasimhan.

The 55-year old, who previously worked at PepsiCo as its global chief commercial officer, gained plaudits from Reckitt investors for his management style after helping revitalize the company after a sales slump.