Coffee giant Starbucks on Thursday named Indian-origin Laxman Narasimhan as its new Chief Executive Officer.
Narasimhan, who will replace Howard Schultz, joins the five-decade-old coffee chain which has 34,000 stores worldwide.
Narasimhan will relocate from London to the Seattle area and join Starbucks as the incoming CEO on October 1 but will take the helm in April 2023, after spending a few months learning about the company and its "Reinvention" plan.
Meanwhile, Schultz will continue as interim chief until April 2023.
The 55-year-old, who previously worked at PepsiCo as its global chief commercial officer, gained plaudits from Reckitt investors for his management style after helping revitalize the company after a sales slump.
Narasimhan has nearly 30 years of experience leading and advising global consumer-facing brands.
Prior to PepsiCo, Narasimhan was a senior partner at McKinsey & Company, where he focused on its consumer, retail and technology practices in the U.S., Asia and India.
Starbucks said Narasimhan will spend his time with Schultz and the management team, spending time as a barista, meeting employees and visiting manufacturing plants and coffee farms during the transition period.
He holds a degree in Mechanical Engineering from the College of Engineering, University of Pune. He has an MA in German and International Studies from The Lauder Institute at The University of Pennsylvania and an MBA in Finance from The Wharton School of The University of Pennsylvania.
