Former Starbucks' Indian-origin CEO Laxman Narasimhan.
Credit: X/@lakslnarasimhan
The multi-national coffee company Starbucks on Tuesday announced that it will be replacing its Indian-origin CEO Laxman Narasimhan.
Starbucks named Chipotle Mexican Grill head Brian Niccol as its new CEO on a management shakeup as it tries to fend off pressure from activist investor Elliott Investment Management.
Starbucks said Niccol will start in his new role on September 9 and that CFO Rachel Ruggeri will serve as interim CEO until that time.
Who is Laxman Narasimhan?
Born on May 15, 1967, in Pune, Maharashtra, Laxman Narasimhan is an Indian-American businessman.
He completed his studies in mechanical engineering from the College of Engineering, Pune.
He did his MA in International Studies from The Lauder Institute at the University of Pennsylvania and also earned an MBA in finance from The Wharton School at the University of Pennsylvania.
Until 2012, Narasimhan worked at Mckinsey and rose to become the director and location manager for its Delhi office.
In 2012, he joined PepsiCo and rose to become its Chief Commercial Officer.
Narasimhan became the CEO of Reckitt Benckiser in September 2019, but in September 2022, he announced his resignation citing family reasons.
He became the CEO of Starbucks in September 2022 after succeeding Howard Schultz, who had been the interim CEO after Kevin Johnson resigned in March 2022.
Narasimhan who can speak six languages, lives in Greenwich, Connecticut and has two kids.
According to a report by India Times, the board of Starbucks said in a statement, "In the face of some challenging headwinds, Laxman has been laser-focused on improving the business to meet the needs of our customers and partners. We all wish him the very best and know he will do great things in the future."
Elliott, which owns a sizable stake, has been pressuring the company to improve its performance and stock price, proposing the company expand its board and improve its governance.
Elliott's offer was reported to be part of an effort to allow Narasimhan to keep his job as CEO.