Tuesday, September 27, 2022

Laxman Narasimhan gets appointed as new Starbucks CEO

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Laxman Narasimhan, an engineering graduate from Pune University, has been named the next CEO of coffee giant Starbucks.

Narasimhan has been named the CEO of the Starbucks Coffee Company, the world’s largest roaster and retailer of specialty coffee with 34,000 locations across the globe and a five-decade history of success.

Narasimhan is scheduled to relocate from London to Seattle and begin working closely with interim CEO Howard Schultz from October 1 before taking over as CEO and joining the Board on April 1 of 2023. Narasimhan has nearly 30 years of experience managing and consulting international consumer-facing brands.

Most recently, he served as CEO of Reckitt, an FTSE-12 listed multinational consumer health, hygiene and nutrition company, where he headed the company through a big strategic transformation and a return to sustainable growth.

Before joining PepsiCo, Laxman Narasimhan, a mechanical engineering graduate, had a variety of executive positions there, including that of global chief commercial officer, where he was in charge of the company’s long-term strategy and digital capabilities.

He formerly held the positions of CEO of PepsiCo Latin America and CFO of PepsiCo Americas Foods. He also served as CEO of the company’s operations in Europe, Sub-Saharan Africa, and Latin America. Prior to joining PepsiCo, Narasimhan was a senior partner at McKinsey & Company, where he concentrated on the firm’s consumer, retail, and technology practises in the United States, Asia, and India. He also oversaw the firm’s future-oriented retail strategy.

How did Laxman Narasimhan respond to being named head of the world’s largest retailer of coffee, Starbucks?

He said that he was humbled to be joining the iconic company at such a crucial time, as the reinvention and investments in the partner and customer experiences position it to meet the changing demands the world faces face today and set us up for an even stronger future.

“Starbucks’ commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivalled, globally admired brand that has transformed the way we connect over coffee,” he added.

Laxman Narasimhan graduated from the University of Pune’s College of Engineering with a degree in mechanical engineering. He holds an MBA in Finance from The Wharton School of The University of Pennsylvania and an MA in German and International Studies from The Lauder Institute at The University of Pennsylvania.

Laxman Narasimhan will be paid an initial base salary of USD 1,300,000 annually as well as an annual cash incentive target opportunity worth 20% of base pay.

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