New CEO of Starbucks: Mellody Hobson, the Chairwoman of Starbucks, has asserted that the company is happy to have found an exceptional candidate as the next CEO. Mellody was referring to Laxman Narasimhan, a name that needs no introduction. Stay tuned to this post on Money Niyantran till the end to learn all about the new CEO of Starbucks and his professional achievements.
On Thursday (1st Sept, 2022), Starbucks, the Coffee Giant, has announced the appointment of a new CEO of Starbucks, Laxman Narasimhan. He will replace Howard Schultz and join the company as its CEO on 1st October while Howard will remain as interim chief of Starbucks until April 2023. In the words of Mellody Hobson: “We have asked Schultz to remain as interim CEO until 2023 to assist the new CEO. Narasimhan will assume the CEO role on April 1. He will take over the world’s largest coffee chain in a number of locations and sales.”
New CEO of Starbucks: The Man with Extra-ordinary Talents
1. The new CEO of Starbucks, Laxman Narasimhan was the Chief Executive Officer of a renowned company named Reckitt, which makes a variety of products like Mucinex cold syrup, Enfamil baby formula etc. He declared his departure from the job on Thursday morning and Reckitt’s shares dropped by 4 per cent.
2. Laxman Narasimhan has earlier worked at PepsiCo, a Starbucks partner selling ready-to-drink beverages. He has served as the Global Chief Commercial Officer of PepsiCo. He has also garnered praises from Reckitt for his excellent style of management. He deserves credit for revitalizing the business at a time when the company was dealing with a sales slump.
3. Narasimhan, who joined Reckitt in 2019’s September, was the first ever external candidate to have taken the helm of the company since its establishment in the year 1999.
4. The portfolio manager of Reckitt, Ashish Sinha has always praised Laxman Narasimhan’s strategic and meaningful approach, his balanced state of mind and his systematic style of working. So, the Starbucks family is quite eager to welcome Laxman Narasimhan as the new CEO of the Starbucks.
5. As per a regulatory filing, Starbucks will pay $1.3 million to Laxman Narasimhan as his yearly base salary and he will also receive a cash signing bonus of $1.6 million, along with a replacement equity grant of $9.25 million as target value to compensate the incentives that he’ll be forfeiting by quitting Reckitt.
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