Former Reckitt boss Laxman Narasimhan has succeeded Starbucks founder Howard Schultz as chief executive at the helm of the coffee giant.
The fast moving consumer goods specialist’s shock resignation from the Hull founded firm he had a “deeply personal allegiance with” was announced last September, with the lure of a move back to the US underlined as a key reason. He joined the world-renowned Seattle business in October, with the handover now complete.
The intervening five months have seen him embark on a unique “immersion experience”, travelling to work with teams in more than 30 stores, manufacturing plants and in support centres around the world. He even earned his barista certification along the way. Reinvention plans kickstarted by Mr Schultz have also featured strongly.
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“I am humbled to officially step into my role as Starbucks chief executive officer, leading our incredible team of more than 450,000 green apron partners around the world,” he said. “The foundation Howard has laid – building from scratch an iconic global brand fueled by a lasting passion to uplift humanity – is truly remarkable, and I am honoured to have the opportunity to build on this deep heritage. As a human connection business, we have limitless possibilities to deliver for our partners, our customers, our investors and our communities through every cup and every connection. I am excited to work alongside our partners worldwide to unlock the limitless future of Starbucks.”
He spent a remarkable three years at Reckitt, a period that saw the company play a vital role through Covid, with Dettol held up as a hero product. He also oversaw the return to the family name that launched the global company in Hull.
Mr Narasimhan was also appointed by government to lead on the Opportunity Humber private-sector led board aimed at ensuring collaboration around the single economic entity following the split of the Humber Local Enterprise Partnership.
At the time of his departure, he said: “I am very grateful to have had the opportunity to lead Reckitt. It is a great company with an incredible team and I am extremely proud of what we have accomplished together in these last three years. I have been offered an opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family."
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He had been appointed in September 2019, joining from PepsiCo, and later told Business Live of his deeply personal connection. Growing up in India he lost his brother to a long-standing kidney infection, and Dettol had been the turn-to product for the household to keep him as safe as possible.
Mellody Hobson, independent Starbucks board chair, said: “Laxman’s intensive immersion into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth.
“This immersion has deepened Laxman’s understanding of Starbucks culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”
Nicandro Durante was appointed as interim CEO of £14.4 billion turnover Reckitt following Mr Narasimhan’s departure. In his last full year he delivered a 9.2 per cent uplift in sales, with a 16.8 per cent increase in profit.
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