Narasimhan will take over as CEO of Starbucks on October 1. He will officially begin his duties in April, after which he will join the company’s board of directors.
Reckitt Benckiser Group announced that Narasimhan recently served as CEO He will step down earlier on Thursday.
Narasimhan steps into the role at Starbucks’ pivotal moment.
In the six months before Narasimhan officially takes over, Schultz will spend time with other company leaders, employees and customers to learn about the reinvention plan recently laid out by Schultz.
In a statement Thursday, Narasimhan said he was “humbled” to join Starbucks “as investments in innovation and partner and customer experiences position us to meet the changing demands we face today.”
On Thursday, Schultz said Narasimhan was the right person for the job.
“He is a strategic and transformational leader with deep experience in building powerful consumer brands,” Schultz said. “He was the leader we were looking for.”
Narasimhan’s previous company, Reckitt Benckiser, was a UK-based producer of several health and hygiene brands including Durex condoms, Lysol and Mucinex. He was appointed CEO of the multi-billion dollar company in 2019.
The British company said in a statement previous It said on Thursday that “for personal and family reasons Laxman has decided to relocate back to the US and has been approached for an opportunity to reside there.”
Mellody Hobson, independent chairman of the Starbucks group, called Narasimhan “an inspiring leader” and said his “deep experience in driving strategic change in global consumer-facing businesses makes him an excellent choice.”
News of Narasimhan’s appointment comes ahead of Starbucks’ annual investor day on September 13.