Starbucks names new CEO
Laxman Narasimhan, chief executive officer of Reckitt Benckiser Group Plc, speaks during the COP26 climate talks in Glasgow, U.K., on Wednesday, Nov. 3, 2021. New York (CNN Business)Starbucks has tapped Laxman Narasimhan as its next CEO.
Narasimhan, will become incoming CEO at Starbucks (SBUX) on October 1, and officially step into the role in April and will then join the company's board of directors as well. Earlier Thursday, the Reckitt Benckiser Group, where most recently served as CEO said that he would be stepping down.Howard Schultz, who took over Starbucks from outgoing CEO Kevin Johnson in an interim capacity last spring, will stay on as interim CEO throughout the transition. He will remain on Starbucks' board.Narasimhan steps into the role as Starbucks faces a growing unionization effort. "He is the right leader to take Starbucks into its next chapter," Schultz said in a statement announcing the news Thursday. "I greatly look forward to our partnership over the coming months and years." Read MoreMellody Hobson, independent chair of the Starbucks board, called Narasimhan "an inspiring leader," adding that "his deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice." This is a developing story.Click Here To Get Funded!