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Business News/ Companies / News/  Starbucks appoints Indian-origin Laxman Narasimhan as new CEO
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Starbucks appoints Indian-origin Laxman Narasimhan as new CEO

Laxman Narasimhan will join Starbucks on October 1, after replacing Howard Schultz who will continue as interim chief until April 2023

Starbucks names Indian-origin Laxman Narasimhan as its new CEO. Premium
Starbucks names Indian-origin Laxman Narasimhan as its new CEO. 

The coffee giant Starbucks on Thursday informed that the company has appointed its new Indian-origin Chief Executive Officer, Laxman Narasimhan. He will join Starbucks on October 1, after replacing Howard Schultz who will continue as interim chief until April 2023, according to news agency ANI.

The 55-years-old Indian, Narasimhan, has served as chief executive of Lysol and Enfamil baby formula, UK-based Reckitt Benckiser Group PLC.

Mellody Hobson, Starbucks chairwoman said that the company believes it has found an exceptional individual to be its next CEO as Narasimhan is a tested leader, according to The Wall Street Journal.

The company stated that the new CEO will relocate from London to the Seattle area and will join Starbucks on October 1 this year.

"We have asked Schultz to remain as interim CEO until April 2023 to assist the new CEO. Narasimhan will assume the CEO role on April 1. He will take over the world's largest coffee chain in a number of locations and sales," Hobson added as quoted by The Wall Street Journal.

Last November, Howard Schultz traveled to Buffalo, N.Y., with a message to workers considering forming a union: Starbucks would do the best job looking out for employees’ interests.

Starbucks needed more workers to meet its growth goals. The company had said that it aims to open more than 20,000 cafes globally by the end of the decade. It also needs to improve investor sentiment toward the stock. Starbucks stock, which has trailed other restaurant company shares in recent months, climbed roughly 8% since Schultz’s return was announced last year.

After buying out the local Starbucks coffee outpost in 1987, Schultz molded Starbucks’s image and customer experience, developing its cafes as a place to linger over espressos and lattes. He also helped design the company’s offerings for its baristas and other workers, offering benefits that Schultz said went beyond most retailers—covering the cost of employee healthcare, time off and benefits for those working at least 20 hours a week at the chain. 

 

(With ANI inputs)

 

 

 

 

 

 

 

 

 

 

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Updated: 02 Sep 2022, 08:20 AM IST
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