Starbucks Corp SBUX shares are trading higher in Thursday's after-hours session after the company announced that Laxman Narasimhan would become the company's next CEO.
Narasimhan will join Starbucks as the incoming CEO on October 1. The company said he will work closely with interim CEO Howard Schultz before assuming the chief executive role and joining the board on April 1, 2023.
"Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us," said Mellody Hobson, independent Starbucks board of directors chair.
Following the transition period, Schultz will continue to serve as a member of the Starbucks board of directors. He will remain closely involved with the company's reinvention and act as an ongoing advisor to Narasimhan.
SBUX Price Action: Starbucks has a 52-week high of $117.80 and a 52-week low of $68.39.
The stock was up 1.48% in after-hours at $86.66 at the time of publication.
Photo: Engin Akyurt from Pixabay.
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