Laxman Narasimhan will lead Starbucks Annual Shareholder Meeting on March 23. (File)
New York:
Indian-origin govt Laxman Narasimhan on Monday formally assumed the function of Chief Executive Officer of world espresso big Starbucks, becoming a member of the rising cohort of enterprise leaders initially hailing from India on the helm of world firms.
In September final 12 months, Starbucks had introduced that Mr Narasimhan would grow to be the corporate’s subsequent chief govt officer and a member of the Starbucks Board of Directors.
Following the worldwide seek for the brand new chief of Starbucks to succeed firm founder and now former CEO, Howard Schultz, Narasimhan joined Starbucks as incoming CEO on October 1, 2022 after relocating from London to the Seattle space.
“Effective today, Laxman Narasimhan has assumed the role of chief executive officer and will join the company’s board of directors,” Starbucks mentioned in a press release.
Laxman Narasimhan will lead Starbucks Annual Shareholder Meeting on March 23.
“As he ascends into the role, Narasimhan will continue engaging the leadership team, sharing his early learnings and insights and assessing opportunities for the company as they chart a path forward,” the corporate mentioned.
Mr Narasimhan, the previous CEO of UK-based client well being, hygiene and vitamin multinational Reckitt Benckiser, brings to Starbucks practically 30 years of expertise main world client items companies and advising retail, grocery, restaurant and e-commerce corporations.
The firm mentioned that over the previous 5 months, he has launched into a singular immersion expertise, touring to work with staff in over 30 shops, manufacturing crops and in assist facilities around the globe, “earning his barista certification” alongside the best way.
“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 corporate assertion quoted Mr Narasimhan as saying.
He mentioned the inspiration laid by Schultz “building from scratch an iconic global brand fuelled by a lasting passion to uplift humanity” is really exceptional, “and I am honoured to have the opportunity to build on this deep heritage.
“As a human connection enterprise, we now have limitless prospects to ship for our companions, our clients, our buyers and our communities by means of each cup and each connection. I’m excited to work alongside our companions worldwide to unlock the limitless way forward for Starbucks.” With his appointment, Narasimhan joined the growing list of Indian-origin CEOs at the helm of global giants, including Microsoft CEO Satya Nadella, Adobe CEO Shantanu Narayen, Alphabet CEO Sundar Pichai and IBM Chairman and Chief Executive Officer Arvind Krishna. Indra Nooyi had served as PepsiCo’s CEO for 12 years before stepping down in 2018.
Former Mastercard CEO Ajay Banga was last month nominated by US President Joe Biden to lead the World Bank.
Mr Narasimhan holds a degree in Mechanical Engineering from the College of Engineering, University of Pune, India.
He also has a Master of Arts in German and International Studies from The Lauder Institute at The University of Pennsylvania and a Master of Business Administration in Finance from The Wharton School of The University of Pennsylvania.
Starbucks said that it has unveiled a company-wide reinvention strategy and continues to deliver on more than USD 1 billion in investments in retail partners and stores for prioritized areas such as increased pay and sick time accrual, new financial well-being benefits, modernized training and collaboration, store innovation and equipment and the celebration of coffee.
Independent Starbucks Board of Directors chair Mellody Hobson said in the statement that Narasimhan’s “intensive immersion” into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth.
“This immersion has deepened Laxman’s understanding of Starbucks tradition and values. In this time of studying and listening, he has already received the hearts and minds of our companions around the globe,” Ms Hobson mentioned.
Previously, Mr Narasimhan has served as an govt in varied management roles at PepsiCo, together with as world chief business officer, the place he was liable for the corporate’s long-term progress technique and business capabilities.
Prior to PepsiCo, he spent 19 years at McKinsey & Company, the place he suggested corporations throughout the retail, client items, and healthcare industries within the US, Asia, and India.
He is a trustee of the Brookings Institution, a member of the Council on Foreign Relations, a member of the UK Prime Minister’s Build Back Better Council and a member of Verizon’s Board of Directors, in response to the Starbucks web site.
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