Press release
Laxman Narasimhan Assumes Role of Starbucks Chief Executive Officer
SEATTLE--(BUSINESS WIRE)-- Starbucks (NASDAQ: SBUX) announced, effective today, Laxman Narasimhan has assumed the role of chief executive officer and will
About this update from Starbucks Corporation
[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nStarbucks (NASDAQ: SBUX) announced, effective today, 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 1, 2022, succeeding company founder and now former ceo, Howard Schultz.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230320005303/en/Laxman Narasimhan has assumed the role of Starbucks chief executive officer and will join the company’s board of directors. (Photo: Business Wire)\nFollowing the global search for the new leader of Starbucks, Narasimhan joined the company as incoming ceo on October 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, traveling to work with partners (employees) in over 30 stores, manufacturing plants and in support centers around the world, 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.\n\nSince Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than $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 FY22 earnings call through the Q1 FY23 earnings call, and market cap growth of approximately $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.\n\nSchultz shared a letter to the company’s senior leadership team on the eve of the announcement – viewable here.\n\n“The board wants to express our sincerest thanks to our founder, Howard Schultz, for selflessly picking up the leadership mantle when asked—forgoing compensation and putting aside his own pursuit...