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Indian-origin CEO Laxman Narasimhan leaves Starbucks after just a year, company gives this information
Starbucks: Starbucks, which is facing weak demand and dissatisfied investors, said on Tuesday that the company's CEO Laxman Narasimhan is leaving his post. Chipotle's President and CEO Brian Niccol will take over as Starbucks' CEO on September 9.
Starbucks, which is facing weak demand and dissatisfied investors, said on Tuesday that the company's Chief Executive Officer Laxman Narasimhan is leaving the post after being in the job for more than a year.
According to the report of the news agency AP, Seattle-based coffee giant Starbucks of America has said that Chipotle's President and CEO Brian Niccol will take over as Starbucks' President and CEO on September 9. After this announcement, Starbucks' shares jumped by more than 13% before the market opened on Tuesday.
Narasimhan was the longtime CEO of PepsiCo and, more recently, CEO of the UK-based consumer health company Reckitt. He took on the role of Starbucks CEO in March 2023, succeeding longtime Starbucks CEO and Chairman Emeritus Howard Schultz. He had come out of retirement in 2022 to work as interim CEO for the company.
