Narasimhan will become the new CEO of Starbucks on October 1. He will officially start his position in April and will then join the company’s board of directors as well.
Reckitt Benckiser Group, where Narasimhan most recently served as CEO, has announced Earlier on Thursday he was stepping down.
Narasimhan takes over at a pivotal moment for Starbucks.
In the six months before Narasimhan officially takes office, he will spend time with Schultz and other company leaders, employees and customers and learn about Schultz’s recent reinvention plan, which he said the company needs to overhaul.
In a statement Thursday, Narasimhan said he was “humbled” to join Starbucks “because innovation and investments in partner and customer experiences enable us to meet the changing demands we face today.”
Schultz said Thursday that Narasimhan is the right person for the job.
“He is a strategic and transformational leader with deep experience building strong consumer brands,” Schultz said. “He’s the leader we’ve been looking for.”
Narasimhan’s former company, Reckitt Benckiser, is the UK-based company for several hygiene and health brands, including Durex Condom, Lysol and Mucinex. He was appointed CEO of a multi-billion dollar company in 2019.
The British company said in a statement earlier Thursday that “For personal and family reasons, Laxman decided to move to the United States and was contacted for an opportunity to be able to live there.”
Melody Hobson, Independent Chairman of the Starbucks Board of Directors, described Narasimhan as an “inspiring leader,” adding that his “deep work experience in leading strategic transformations in global consumer-oriented businesses makes him the perfect choice.”
News of Narasimhan’s appointment comes ahead of Starbucks’ annual investor day on September 13.
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”