- Starbucks appointed a new chief executive to succeed interim CEO Howard Schultz.
- Laxman Narasimhan will assume the incoming CEO role in October, before fully replacing Schultz next year.
Starbucks appointed a new CEO to replace Howard Schultz, a longtime Starbucks executive who was serving as its interim head.
Laxman Narasimhan will start as incoming CEO on October 1, before fully replacing Schultz and joining the Starbucks board of directors in April, the coffee chain announced on Thursday. Schultz will stay on in an advisory capacity through 2023 and remain on the company's board.
Narasimhan comes from the multinational consumer goods company Reckitt Benckiser, which makes products including Durex condoms, Clearasil face wash, and Enfamil baby formula.
Schultz served as the coffee chain's CEO from 1986 to 2000, from 2008 to 2017, and then again as interim CEO starting in March.