21/03/2023 04:18 PM

KUALA LUMPUR, March 21 (Bernama) -- Starbucks announced Laxman Narasimhan has assumed the role of chief executive officer (CEO), joining the company’s board of directors.

Narasimhan was named incoming CEO on Sept 1, 2022, succeeding company founder and now former CEO, Howard Schultz.

“Laxman’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,” said Mellody Hobson, Independent Starbucks Board of Directors Chair in a statement.

“This immersion has deepened Laxman’s understanding of Starbucks culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”

Meanwhile, Narasimhan added: “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.” 

Following the global search for the new leader of Starbucks, Narasimhan joined the company as incoming CEO on Oct 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies.

Over the past five months, he has embarked on a unique immersion experience, travelling to work with partners (employees) in over 30 stores, manufacturing plants and in support centres worldwide, earning his barista certification along the way.

He became immersed in the reinvention plans for the company led by Schultz who returned as interim CEO, effective April 4, 2022.

Since Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than US$1 billion in investments in retail partners and stores for prioritised areas such as increased pay and sick time accrual, new financial well-being benefits, modernised training and collaboration, store innovation and equipment and the celebration of coffee.(US$1 = RM4.471)

The company saw a 47 per cent stock price increase since the Q2 FY22 earnings call through the Q1 FY23 earnings call, and market cap growth of approximately US$40 billion during that same time. The company also delivered 50 per cent in Total Shareholder Return in this time period, far outpacing the S&P 500.

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