5 Facts About Starbucks New Indian Origin CEO
Starbucks announced on Thursday that they have appointed Laxman Narasimhan as their new Chief Executive Officer.
Starbucks announced on Thursday that they have appointed Laxman Narasimhan as their new Chief Executive Officer. Narasimhan, who is of Indian-origin, shall join Starbucks on October 1, replacing Howard Schultz who shall continue as interim chief until April 2023. He has also been a senior partner at McKinsey & Company and is a trustee of the Brookings Institution.
But who is Narasimhan? Here are a few interesting facts about the new Starbucks CEO:
1) Previously, Narasimhan was CEO of Reckitt. Among various other verticals, Reckitt also makes Durex condoms and Enfamil baby formula. On Thursday he announced that he would be leaving them to join Starbucks.
2) He had joined Reckitt in September 2019 and what made his appointment standout was that he was the first external candidate to be at the top position since the company started off in 1999.
3) Previously Narasimhan has also worked with PepsiCo as global chief commercial officer. Reckitt investors were pleased with his overall performance as they recognized that he helped the company get back on its feet after going through a difficult stage.
4) Narasimhan shall be paid 1.3 million dollars annually and shall also get 1.6 million dollars as signing bonus along with a replacement equity grant with a target value of 9.25 million dollars to compensate for the incentives that he's losing out on by leaving Reckitt, according to reports by Bloomberg.
5) He has also served as a member of the UK Prime Minister's Build Back Better Council and is currently a member of Verizon's Board of Directors.