By Kshvid News Desk
Starbucks Corporation, headquartered in Seattle, Washington, is the world’s biggest coffee shop business. The company is a multinational corporation headquartered in the United States that operates a network of coffee shops and roasteries. Furthermore, Starbucks is frequently recognized as the organization responsible for the second wave of coffee culture. This is because Starbucks was the first company to provide a greater variety of coffee experiences. As per the most recent update, the company has named Laxman Narasimhan, an Indian-origin professional, as its new Chief Executive Officer. Howard Schultz is now acting as the company’s interim CEO.
Narasimhan will gradually assume control of Starbucks; he will begin working there in October as the “incoming C.E.O.,” but he won’t assume full leadership until April. Narasimhan will visit shops throughout the world and maybe even work behind the counter at some of them during that transition, according to Schultz, to get “immersed” in the Starbucks culture.
Narasimhan was born in the Indian city of Pune in 1967. After earning his BSc degree in his hometown, Narasimhan left India for the United States at the age of 24 to pursue graduate school. He presently holds master’s degrees in business administration and international studies from the University of Pennsylvania. According to the British newspaper the Daily Telegraph, Narasimhan picked up three additional Indian languages along the way, in addition to German, English, and Spanish. Although Narasimhan is married with two children, he maintains the details of his family private. According to publicly available information regarding Narasimhan’s personal life, he lives in Greenwich, Connecticut. Laxman Narasimhan, Starbucks’ future CEO, is anticipated to have a net worth of around $26 million as of March 2022.
Laxman has a proven track record of successfully managing complex operational organizations and inspiring employees in both established and emerging markets to generate market-leading performance. Narasimhan formerly held many senior positions at PepsiCo, including a role as a global chief commercial officer, where he was in charge of the company’s long-term strategy and digital capabilities. He formerly served as CEO of PepsiCo Latin America and CEO of PepsiCo Americas Foods. He was also the CEO of the company’s European, Sub-Saharan African, and Latin American divisions. Before joining PepsiCo, Narasimhan was a top executive at McKinsey & Company, where he concentrated on the company’s consumer, retail, and technology practices in the US, Asia, and India. He oversaw the company’s innovative retail strategy as well.
Laxman Narasimhan, the CEO of Starbucks, has over thirty years of expertise managing and counseling large consumer-facing companies. Furthermore, he has a track record of promoting consumer-centric and digital breakthroughs, as well as the growth of firms with distinct goals. Laxman Narasimhan was the former Chief Executive Officer of Reckitt, a worldwide corporation that prioritizes consumer health, cleanliness, and nutrition. On October 1st, the 55-year-old man who resigned as CEO of Reckitt Benckiser earlier that day will begin working for the enormous network of coffee shops.
Narasimhan is also a member of the Council on Foreign Relations, a director of Verizon, and a trustee of the Brookings Institution. He is a representative on the Build Back Better Council for the UK Prime Minister. He graduated from The Wharton School of The University of Pennsylvania with an MBA in Finance. From the Lauder Institute of the University of Pennsylvania, he achieved an MA in German and International Studies.
Narasimhan spent 19 years with McKinsey & Co. before joining PepsiCo. Analysts credited Narasimhan for successfully implementing a turnaround plan at Reckitt, selling failed units, and capitalizing on a surge in Lysol demand during the outbreak.
The business world uses Narasimhan’s tenure at Reckitt as an illustration of how swiftly he can enhance a company’s financial situation. According to Schultz, “He is a genuine operator and has the DNA of an entrepreneur.” When Narasimhan joined Reckitt a few years ago, the firm was in turmoil and falling short of its financial goals. According to Bloomberg News, he only took six months to implement substantial changes, such as removing senior executives and disposing of underperforming companies. Reckitt is presently in substantially better financial health, according to a research note released on Thursday by HSBC analyst Jeremy Fialko.
The Guardian has said in a report that the company will pay him a sizable salary. If he reaches his targets, Mr. Narasimhan, who left his position at Reckitt Benckiser to become CEO of Starbucks, will receive an annual salary of approximately $17.5 million (Rs 140 crore), the outlet said. Mr. Narasimhan’s yearly salary with Reckitt Benckiser was 6 million pounds (Rs 55 cr)
In many respects, the 55-year-new old’s position is an upgrade. The Guardian said that Starbucks generates almost $100 billion (£87 billion) in revenue, while Reckitt Benckiser was valued at 45 billion pounds. Mr. Narasimhan’s motivations will consequently greatly increase.
Starbucks is the largest specialty coffee roaster and retailer in the world, with 34,000 outlets worldwide and successful five-decade history. Starbucks is the largest specialty coffee roaster and retailer in the world, with 34,000 outlets worldwide and successful five-decade history.
The cost of Starbucks’ extra investments in the company will likely be disclosed to investors later this month. In May, the firm said that it was suspending its financial forecast because it needed to evaluate the increased anticipated expenditure on its workforce, retail locations, and overall operations.
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