AP – Starbucks has named a longtime PepsiCo executive as its new Chief Executive Officer (CEO).
The coffee giant said on Thursday that Laxman Narasimhan will join Starbucks on October 1 after relocating from London to Seattle, where Starbucks is based.
He will work closely with Starbucks’ interim CEO Howard Schultz through April 1, when he will assume the CEO role and join the company’s board.
Schultz said Narasimhan is “uniquely positioned” to lead the company, with a demonstrated track record of growth in both mature and emerging markets.
“As I have had the opportunity to get to know him, it has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers, and communities,” Schultz said in a statement.
Narasimhan, 55, was most recently CEO of Reckitt, a United Kingdom-based consumer health, hygiene and nutrition company that makes Lysol cleaner and Enfamil formula, among other products.
Reckitt had announced Narasimhan’s surprise departure earlier on Thursday. Reckitt’s shares dropped five per cent following the announcement.
Prior to that, Narasimhan held various leadership roles at PepsiCo, including as global chief commercial officer. He also served as CEO of the company’s Latin America, Europe and Sub-Saharan Africa operations.