- Starbucks Corporation SBUX said Laxman Narasimhan had assumed the role of chief executive officer, effective March 20, 2023. He will also join the company's board of directors.
- Narasimhan was named incoming CEO on September 1, 2022, succeeding company founder and now former CEO Howard Schultz.
- Founder Schultz, who returned to the CEO role on an interim basis in March 2022, announced a "Reinvention" plan shortly after he took over.
- The COVID-19 pandemic that struck in 2020 constrained businesses across the board, given the lockdown restrictions in place. Some of the worst affected were restaurant chains such as Starbucks.
- The effect of the pandemic, along with the beginning of unionization of workers in retaliation to poor working conditions, made things worse for Starbucks. The effect showed in the revenues and comparable sales.
- Since Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than $1 billion in investments in retail partners and stores.
- Narasimhan joined the company as the incoming CEO on October 1, 2022, and has been immersed in the reinvention plans for the company.
- "Laxman's intensive immersion into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth," said Independent Starbucks Board of Directors chair Mellody Hobson.
- Price Action: SBUX shares are trading higher by 1.16% at $99.84 on the last check Monday.
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SBUXStarbucks Corp
$84.89-2.72%
Edge Rankings
Momentum
57.06
Growth
27.03
Quality
-
Value
21.90
Price Trend
Short
Medium
Long
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