How Will a New CEO Impact Starbucks Stock?
After months of searching, Starbucks (NASDAQ: SBUX) finally announced that it is hiring a new CEO to replace Kevin Johnson, who left last year. That's great news for a company that's been dealing with continued store closures, supply chain issues, inflation, increased wages, changing consumer habits, employee unionization efforts, and a falling stock price. That's a list that could scare any potential CEO away, but a fearless leader should bring the coffee giant into the next phase of growth.
Starbucks announced that it has hired Laxman Narasimhan, who will join the company in October with the title of incoming CEO. He is meant to work alongside Howard Schultz, who will stay on as interim CEO, before becoming CEO in April.
Based on his work history and Starbucks' direction, it certainly looks like a dream fit. When Johnson took the reins in 2017, he came from a tech background, and that experience was important as he helped steer the company into the digital age. Narasimhan, who was born in India, comes from a robust consumer goods background, leading several companies' operations as they embraced digital. He is leaving his role as CEO of Reckitt Benckiser Group, a London-based health and nutrition conglomerate. Previously, he was a partner at McKinsey & Company and held high-level positions at PepsiCo.
Source Fool.com
