Starbucks has named former Pepsi executive Laxman Narasimhan its new CEO.
Narasimhan currently works as chief executive of Reckitt Benckiser Group, the parent of Lysol, Air Wick, and other retail brands. He's been with the company since 2019. Previously, he served in multiple senior roles at PepsiCo, including global chief commercial officer and CEO of Latin America, Europe, and Sub-Saharan Africa. He also worked as director of consulting firm McKinsey & Company for nearly 20 years. Narasimhan is also a board director for Verizon and The Brookings Institution, a research group.
The incoming leader will enter Starbucks in October and assume the top position in April.
“Laxman is an inspiring leader," Mellody Hobson, board of directors’ chair, said in a statement.
"His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us. His understanding of our culture and values, coupled with his expertise as a brand builder, innovation champion, and operational leader will be true differentiators as we position Starbucks for the next 50 years, generating value for all our stakeholders. On behalf of the entire Board, I am thrilled to welcome Laxman as Starbucks next ceo."
The change is part of what founder and interim CEO Howard Schultz calls the "reinvention plan." The executive feels as if though Starbucks isn't built for today's consumer and must make conscious efforts to reconnect with guests and re-envision the chain's mission statement.
Schultz will remain as interim CEO until Narasimhan takes over. During this period, the Pepsi veteran will be "fully immersed in the company," and spend time learning culture and the reinvention plan.
