New Starbucks CEO will replace Howard Schultz
Schultz has served as interim CEO since April
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Laxman Narasimhan will become Starbucks' next CEO and replace interim CEO Howard Schultz, the coffeehouse company announced Thursday.
Narasimhan will join the company in October, working closely with Schultz during the transition period, which is scheduled to end in April 2023, Starbucks said in a press release.
Starting in April 2023, Narasimhan will become CEO, and Schultz will leave his interim role.
Narasimhan comes to Starbucks after heading up Reckitt Benckiser Group, the company behind brands such as Lysol, Mucinex, Air Wick and Dettol.
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This Dec. 13, 2018, file photo shows a sign for a Starbucks Coffee shop in Harvard Square in Cambridge, Mass. (AP Photo/Charles Krupa, File / AP Newsroom)
In the past, he held various leadership positions at PepsiCo and worked as a senior partner at the consulting firm McKinsey & Company, according to the release.
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"I have had the opportunity to get to know him. It has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers and communities," Schultz said in a statement.
"The perspectives he brings will be a strong asset as we build on our heritage in this new era of greater well-being. I greatly look forward to our partnership over the coming months and years."
Howard Schultz, CEO of Starbucks, speaks during the company's annual shareholders meeting in Seattle March 19, 2014. (REUTERS/David Ryder / Reuters Photos)
Schultz will keep his position on the Starbucks board and "remain closely involved with the company's reinvention and act as an ongoing advisor" to Narasimhan after the transition period ends, Starbucks said.
The interim CEO returned to the top role in April when then-CEO Kevin Johnson retired. His temporary return as CEO, a position he previously held from 1986 to 2000 and 2008 to 2017, came amid Starbucks facing a unionization push.
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Over 230 Starbucks stores across the country have voted to unionize.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 73.11 | -1.82 | -2.43% |
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In early August, Starbucks reported $8.2 billion in third-quarter revenues. The company is set to hold an investor day Sept. 13 in Seattle, where it will share more about its fiscal year 2023 business outlook.