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Shares of Starbucks Corporation (NASDAQ:SBUX) are up 1.39% on Monday following the coffee chain’s announcement that effective today, Laxman Narasimhan has assumed the role of chief executive officer and will join the company’s board of directors. Narasimhan was named incoming CEO on September 1, 2022, succeeding company founder and now former CEO, Howard Schultz.
Narasimhan joined the company as incoming CEO on October 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant, and e-commerce companies. He became immersed in the reinvention plans for the company led by Schultz who returned as interim CEO effective April 4, 2022.
Schultz shared a letter to the company’s senior leadership team on the eve of the announcement.
“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,” said Mellody Hobson, Independent Starbucks Board of Directors chair. “We would not be where we are without him.”
“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,” said Narasimhan. “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.”
