Seattle / WA. (sc) Starbucks Corporation says that Laxman Narasimhan has assumed the role of chief executive officer and will join the company’s board of directors. Narasimhan was named incoming CEO on September 01, 2022, succeeding company founder and now former CEO, Howard Schultz.
Narasimhan joined the company as incoming CEO on October 01, 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, traveling to work with partners (employees) in over 30 stores, manufacturing plants and in support centers around the world, earning his barista certificationn along the way. He became immersed in the reinvention plans for the company led by Schultz who returned as interim CEO in April 2022.
Since Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than USD 1 billion in investments in retail partners and stores for prioritized areas such as increased pay and sick time accrual, new financial well-being benefits, modernized training and collaboration, store innovation and equipment and the celebration of coffee. The company saw a 47 percent stock price increase since the Q2-2022 earnings call through the Q1-2023 earnings call, and market cap growth of approximately USD 40 billion during that same time. The company also delivered 50 percent in Total Shareholder Return in this time period, far outpacing the S+P 500. Starbucks was also most recently named the most valuable restaurant brand for the 7th consecutive year by Brand Finance.