Narasimhan will grow to be incoming CEO at Starbucks on October 1. He’ll formally start his function in April and can then be a part of the corporate’s board of administrators, as effectively.
The Reckitt Benckiser Group, the place Narasimhan most lately served as CEO, introduced earlier on Thursday that he could be stepping down.
Narasimhan steps into the function at a pivotal second for Starbucks.
Within the six months earlier than Narasimhan formally takes over, he’ll spend time with Schultz, different firm leaders, staff and prospects and grow to be acquainted with the reinvention plan lately laid out by Schultz, who has mentioned the corporate wants an overhaul.
Narasimhan mentioned in an announcement Thursday that he’s “humbled” to affix Starbucks “because the reinvention and investments within the accomplice and buyer experiences place us to fulfill the altering calls for we face in the present day.”
On Thursday, Schultz mentioned Narasimhan is the precise particular person for the job.
“He’s a strategic and transformational chief with deep expertise in constructing highly effective shopper manufacturers,” Schultz mentioned. “He’s the chief we had been on the lookout for.”
Narasimhan’s earlier firm, Reckitt Benckiser, is the UK-based maker of a number of hygiene and well being manufacturers, together with Durex condoms, Lysol and Mucinex. He was named CEO of the multi-billion greenback firm in 2019.
The British firm mentioned in an announcement earlier Thursday that “Laxman has determined for private and household causes to relocate again to the US and has been approached for a possibility that allows him to stay there.”
Mellody Hobson, impartial chair of the Starbucks board, referred to as Narasimhan “an inspiring chief,” including that “his deep, hands-on expertise driving strategic transformations at international consumer-facing companies makes him the perfect selection.”
Information of the Narasimhan’s appointment comes forward of Starbucks’ annual investor day on September 13.