Laxman Narasimhan assumed the role of Starbucks’ Chief Executive Officer effective March 21, 2023. He succeeded company founder and now former CEO, Howard Schultz.
Narasimhan, who has 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies, also joined the company’s board of directors.
He is set to lead the Starbucks annual shareholder meeting thursday, March 23.
“The board wants to express our sincerest thanks to our founder, Howard Schultz, for selflessly picking up the leadership mantle when asked—forgoing compensation and putting aside his own pursuits—for the love of our company and its partners,” Mellody Hobson, Independent Starbucks Board of Directors’ chair said in a statement. “We would not be where we are without him.”
About the new CEO, Hobson said: “Laxman’s intensive immersion into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth. This immersion has deepened Laxman’s understanding of Starbucks’ culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”
Starbucks was recently named the most valuable restaurant brand for the 7th consecutive year by Brand Finance. The company saw a 47 per cent stock price increase since the Q2 FY22 earnings call through the Q1 FY23 earnings call.
“I am humbled to officially step into my role as Starbucks’ chief executive officer, leading our incredible team of more than 450,000 green apron partners around the world. The foundation Howard has laid – building from scratch an iconic global brand fueled by a lasting passion to uplift humanity – is truly remarkable, and I am honored to have the opportunity to build on this deep heritage,” Narasimhan said and added, “As a human connection business, we have limitless possibilities to deliver for our partners, our customers, our investors and our communities through every cup and every connection. I am excited to work alongside our partners worldwide to unlock the limitless future of Starbucks.”
