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Who is the New Starbucks CEO? 7 Things To Know About Laxman Narasimhan

Starbucks has named Indian Origin Laxman Narasimhan as their new CEO, replacing Howard Schultz. He will join Starbucks on October 1st and will continue working with Schultz till April 2023.

Laxman would be a part of the growing trend of Indian-Origin individuals taking on the executive position of top American companies. We will tell you a brief about Laxman Narasimhan and then 7 things to know about the new Starbucks CEO.

7 Things To Know About New Starbucks CEO

So, moving on let’s see get acquainted with the new Starbucks CEO. 

1. Who is Laxman Narsimhan?

Laxman Narasimhan was the CEO of Reckitt from 2019 until he decided to switch to Starbucks. He allegedly prepared a reinvention plan to provide better wages to employees, work on employee benefits, and more.

He lacks experience in running QSRs, let alone coffee chains, however, he has a very deep understanding of consumers and shall be very effective in his work.

He takes over the legacy of Howard Shultz, who had been very successful in keeping Starbucks alive and recovering from some of the toughest business situations.

2. Early Life, Education, and India

Laxman Narasimhan was born in Pune, Maharashtra, India, in 1967. Coming from a relatively modest family, He considered his early life “tough”, owing to the fact that he lost his sibling at a very early age.

He studied mechanical engineering at the College of Engineering, University of Pune. After graduation, he moved to the United States to study MA in German. Thereafter he got an MBA degree from Wharton School at the University of Pennsylvania.

3. Career Progress and Experience

His long education was followed by impressive professional success. He worked for McKinsey, taking up various crucial roles till 2012. Thereafter, he became the Vice President for PepsiCo, helping in business growth and successfully completing many mission-critical assignments.

Later on, he became the CFO and was later promoted to CEO of PepsiCo, Latin America. As a professional, he showed lot of dedication in his work and was known for his multitasking skills

4. Life at Reckitt

While Laxman had been really influential in the business world, his name got popular only when he started leading Reckitt. It is a British business that produces various health and consumer products including Durex condoms, Enfamil baby formula, and Mucinex cold syrup.

Working with so many popular brands, he understands consumer intentions and is capable of taking the right decisions for Starbucks. 

5. Salary And Incentives

Starbucks was really struggling to find a good leader when Kevin Johnson announced his retirement. Howard Schultz returned as an Interim-CEO. It was clear that Starbucks needed a new CEO. Starbucks found its ideal CEO in Laxman Narasimhan.

To get him onboard, Laxman Narasimhan took a giant, yet well-deserved price. According to the mandatory regulatory filing, his annual salary is $1.3 million in annual base salary, and will also receive a $1.6 million cash signing bonus and a replacement equity grant with $9.25 million to cover the losses from forfeiting Reckitt.

6. Family & Personal Life

At the time of writing Laxman Narasimhan is 55 years old. He is married and is blessed with 2 children as well. As of 2018, Laxman Narasimhan’s net worth was estimated to be about $25 million.

He practices immense hard work and dedication. Back in 2021, he was supposed to give a make-or-break presentation for Reckitt. But, a day before the presentation he fell from stairs, and had major injuries including broken ribs. After emergency surgery and a little bit of rest, he still was able to gather himself for a 4-hour long presentation and Question/Answer session.

7. Fun Nature

Apart from being a successful executive and the reason behind the growth of many companies, he is still known to be extremely fun-loving. He is also a coffee lover, who is madly in love with his single shot of Espresso in the morning.

Even after being a so-called big shot, he likes to do daily regular stuff, including chatting with his friends and sharing stuff on social media platforms and WhatsApp groups. Even in his busy schedule, he never fails to make way for his mental well-being.

#Starbucks #LaxmanNarasimhan



Thanks for Reading,

Warm Regards,

Aditya,
Aditya AgarwalLast Seen: Feb 8, 2023 @ 2:53am 2FebUTC

Aditya Agarwal

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