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Narasimhan will become chief revenue officer at Starbucks on October 1. He will officially begin his role in April and will also join the company’s board of directors.
Narasimhan recently announced that he served as CEO of the Reckitt Benckiser Group That he will step down on Thursday.
Narasimhan stepped into the role at a critical time for Starbucks.
In the six months leading up to his official appointment, Narasimhan will spend time with Schultz, other company leaders, employees and customers, and familiarize himself with Schultz’s recent restructuring plan, which he says the company needs to improve.
In a statement Thursday, Narasimhan said he is “humbled” to join Starbucks, “as our continued innovation and investments in partner and customer experiences allow us to meet the changing needs we face today.”
On Thursday, Schultz said Narasimhan was the right man for the job.
“He is a strategic and transformational leader with deep experience in building powerful consumer brands,” said Schultz. He is the leader we have been looking for.
Narasimhan’s previous company, UK-based Reckitt Benckiser, developed several hygiene and health brands including Durex condoms, Lysol and Mucinex. In the year In 2019, he was appointed CEO of a multi-billion dollar company.
In a statement from the British company Earlier “Due to personal and family reasons, Laxman has decided to return to the United States and has been offered the opportunity to live there,” he said on Thursday.
Melody Hobson, independent chair of the Starbucks board, called Narasimhan an “inspiring leader,” adding that “his deep and practical experience leading strategic change in global consumer-facing businesses makes him an excellent choice.”
News of Narasimhan’s appointment comes ahead of Starbucks’ annual investor day on September 13.
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