Two weeks earlier than expected, Howard Schultz stepped down as chief executive officer of Starbucks, and Laxman Narasimhan is taking over the global coffee chain. 

This ends Schultz' third stint leading the company. He returned in April of last year to help get Starbucks' stock on firmer footing amid widespread labor unrest and was expected to step down on April 4.  

“The board wants to express our sincerest thanks to our founder, Howard Schultz, for selflessly picking up the leadership mantle when asked—forgoing compensation and putting aside his own pursuits—for the love of our company and its partners,” said Mellody Hobson, independent Starbucks board of directors chair, in a press release. 

Narasimhan assumed the role of incoming CEO in October of 2022 and has spent the last few months learning the ins and outs of the business. Over the period, he met with employees at over 30 stores and traveled to manufacturing plants and support centers around the world. 

“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 Hobson. “This immersion has deepened Laxman’s understanding of Starbucks culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”

Schultz is still expected to testify before the Senate on March 29 regarding allegations of Starbucks' union-busting efforts. 

Narasimhan will lead the company's investor day for the first time on Thursday. 

Share:
More In Business
Nestlé dismisses CEO after he has relationship with a subordinate
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz undoes blockbuster merger after a decade of falling sales
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
Load More