Narasimhan will become the new CEO at Starbucks on October 1. He will officially begin his role in April and will later join the company’s board of directors as well.
The Reckitt Benckiser Group, where Narasimhan last served as CEO, announced earlier on Thursday that he would resign.
Narasimhan stepped into the role at a pivotal moment for Starbucks.
In the six months before Narasimhan officially takes over, he will spend time with Schultz, other company leaders, employees and customers and get acquainted with the reinvention plan that Schultz recently laid out, which says the company needs improvement.
Narasimhan said in a statement on Thursday that he was “humbled” to join Starbucks “because the reinvention and investment in partner and customer experience positions 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 strong consumer brands,” said Schultz. “He is the leader we are looking for.”
Narasimhan’s previous company, Reckitt Benckiser, was the maker of several UK-based hygiene and health brands, including Durex, Lysol and Mucinex condoms. He was appointed CEO of the multi-billion dollar company in 2019.
The British company said in a statement earlier Thursday that “Laxman has decided for personal and family reasons to move back to the United States and has been approached for the opportunity to allow him to live there.”
Mellody Hobson, independent chairman of Starbucks board, called Narasimhan an “inspiring leader,” adding that “his deep and hands-on experience driving strategic transformations in global consumer-facing businesses makes him an ideal choice.”
News of Narasimhan’s appointment comes ahead of Starbucks’ annual investor day on September 13.