Laxman Narasimhan Steps Up as Official CEO of Starbucks

Starbucks made the announcement on Monday that Laxman Narasimhan will take the lead of the company, officially becoming the CEO.

Narashimhan was named incoming CEO in September and, according to CNBC, was expected to take control on April 1. Ahead of his transition, he spent time learning the business of Starbucks and even training as a barista.

Narashimhan is taking over the reins from interim CEO, Howard Schultz. Shultz assumed the CEO position for the third time in April 2022. According to CNBC, “Since Schultz returned April 4, Starbucks stock has risen nearly 8%, bringing its market value to $113 billion. The S&P 500, meanwhile, has fallen more than 13% over that time.”

In a letter to Starbucks’ leadership obtained by CNBC, Schultz explained, “Today, I am entrusting you all with Starbucks – something that holds a place in my heart second only to that of my beloved family.”

Narashimhan not only took over as CEO on Monday, but he also joined the board. On Thursday, he is set to lead the company’s annual shareholder meeting.