Howard Schultz has stepped down as interim CEO of Starbucks, handing the reins to incoming CEO Laxman Narasimhan a couple weeks earlier than previously expected.
In a letter to company leaders on Monday morning, Schultz wrote that he was leaving them as stewards of the Seattle-based coffee giant, in service to Starbucks’ employees.
“As I turn Starbucks over to you now, know that you have my utmost confidence, trust and love,” Schultz wrote. “You all are the future of Starbucks. The world needs Starbucks — and Starbucks needs all of you.”
Schultz returned as interim CEO in April 2022 after previous CEO Kevin Johnson, the former Microsoft and Juniper Networks exec, stepped down from his role after 13 years at Starbucks and five as CEO.
Narasimhan was named the next CEO last September and the plan was for Schultz to stay on until April 1. The company announced Monday that Narasimhan was now in charge and that he will lead Starbucks’ annual shareholder meeting this Thursday.
Narasimhan brings experience in international business and consumer brands, most recently leading the turnaround of Reckitt Benckiser, the British company known for products including Durex condoms and Lysol disinfectant.
“I am humbled to officially step into my role as Starbucks chief executive officer,” Narasimhan said in a statement. “The foundation Howard has laid – building from scratch an iconic global brand fueled by a lasting passion to uplift humanity — is truly remarkable, and I am honored to have the opportunity to build on this deep heritage.”
During his interim period, Schultz unveiled a company-wide reinvention strategy aimed at speeding automation and the fulfilling of orders.
Starbucks employs more than 450,000 people around the world. In January, the company directed its corporate employees to return to the office at least three days a week.
The company has been facing a wave of unionization efforts by employees across the country and Schultz has been called to testify in front of a Senate committee investigating Starbucks’ labor practices.
