About two weeks sooner than anticipated, Starbucks announced on Monday that Laxman Narasimhan has assumed the role of CEO.
It will be his first public speech as the company’s CEO when he addresses the annual shareholders meeting on Thursday.
Following his appointment as the new CEO in September, Narasimhan has spent months getting to know Starbucks’ operations, including becoming a barista. A formal transition was anticipated to take place on April 1.
Starbucks: Narasimhan takes the reins from Howard Schultz
He formerly served as Reckitt’s chief executive officer, which is responsible for brands like Lysol, Durex, and Mucinex. In the past, he had positions at McKinsey and PepsiCo.
Narasimhan takes the reins from Howard Schultz, who is ending his third stint in the top job.
“Today, I am entrusting you all with Starbucks – something that holds a place in my heart second only to that of my beloved family,” Schultz wrote in a letter to company leadership.
When former CEO Kevin Johnson shocked investors by announcing his retirement, Schultz made a comeback about a year ago.
Schultz is scheduled to appear before a Senate committee on March 29
This time, Schultz put the company’s buyback program on indefinite hold, opposed barista union ambitions, and unveiled a new approach to stay up with the company’s evolving business.
Starbucks stock has increased by about 8% since Schultz’s return on April 4, raising its market value to $113 billion..Schultz resigned sooner than expected, but he is still scheduled to appear before a Senate committee on March 29 over the alleged union-busting practices of the firm.
Schultz declared in September that he has no intention of ever serving as Starbucks’ CEO once more.
The corporation has been under pressure from investors to make sure that never occurs. Shareholders will decide on a proposal from SOC Investment Group on Thursday that would have the Starbucks board begin succession planning at least three years in advance. SOC Investment Group represents pension funds supported by unions.
