After Twitter, Another Indian-Origin To Take Over a Giant American Company!
As per the latest business news for individuals, the coffee giant Starbucks, on Thursday, named Indian-origin Laxman Narasimhan as its new Chief Executive Officer (CEO).
Following his joining on October 1, Laxman will replace Howard Schultz as Starbucks CEO. However, his official joining will only be counted after Schultz’s retirement as a member of the Starbucks Board of Directors on April 2023. During this tenure, Schultz will coach Laxman about organizational functioning.
Starbucks today announced that Laxman Narasimhan will become the company’s next chief executive officer, working closely with Howard Schultz, before assuming the role and joining the Board on April 1, 2023. https://t.co/AQCCDiT0bt
— Starbucks News (@StarbucksNews) September 1, 2022
Who Is Laxman Narasimhan?
Laxman Narasimhan Starbucks CEO, is an influential personality. In his early tenures, Laxman served as the CEO of Reckitt, the parent company of Durex Condoms, Enfamil baby formula, and Mucinex cold syrup.
Laxman Narasimhan did his graduation from the University of Pune. Following his graduation, Laxman flew to Pennsylvania to complete his master’s degree in German and International Studies from the Lauder Institute at the University of Pennsylvania. He also completed his Master’s in Business Administration from the University of Pennsylvania’s Wharton School.
Before joining Reckitt, Laxman also served as PepsiCo’s Global Chief Commercial Officer. Laxman’s career is considered highly influential because he has served various companies and showed his excellency by taking his organizations from adverse conditions to top positions. His area of excellency can be better related to the fact that he revitalized Reckitt following the sales jump caused due to the Covid-19 pandemic.
Briefing Laxman’s excellency, the portfolio manager at Gabelli, Ashish Sinha, said: “He took a very balanced approach to strategy … he didn’t go in all guns blazing – he took a very systematic approach to get things right,”
Current Starbucks CEO Howard Schultz’s Response
In response to the latest Starbucks news, the present CEO, Howard Schultz, cited: “When I learned about Laxman’s desire to relocate, it became apparent that he is the right leader to take Starbucks into its next chapter. He is uniquely positioned to shape this work and lead the company forward with his partner-centred approach and demonstrated track record of building capabilities and driving growth in both mature and emerging markets,”
Challenges Awaiting For Laxman Narasimhan As Future Starbucks CEO
At present, Starbucks is going through a turbulent period. According to this, around 200 of its US stores have unionized in the past year, as workers pushed for better benefits and wages at a time of surging inflation.
With his appointment as the CEO of Starbucks, Mr Narasimhan also has the responsibility to take Starbucks from its downturn. According to reports, the coffee chain’s shares observed a 1% hike following the announcement of his appointment as the CEO of the firm. When Schultz returned to the position of interim CEO of Starbucks, the company’s shares fell to a record level of 24%.