Lakshman Narasimhan becomes CEO of Starbucks
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Lakshman Narasimhan became the CEO of the Starbucks coffee chain says in a press release from the company. He succeeded company founder Howard Schultz in this post.
“I am proud to officially take over as CEO of Starbucks, leading our incredible team of over 450,000 partners worldwide. The foundation laid by Howard – building from scratch an iconic global brand fueled by a passion to uplift humanity – is truly remarkable and I am honored to be able to build on this profound legacy,” said Narasimhan.
Schultz took a job in 1982 with Starbucks, which at the time only sold coffee beans. He decided to replicate the atmosphere of Italian espresso bars by creating a new culture of coffee consumption in the United States. The businessman was the CEO of Starbucks three times – from the moment of foundation to 2000 from 2008 to 2017 and the last time since April 2022.
In early March 2022, Starbucks suspended business activity in Russia due to a special operation in Ukraine: the company stopped supplying its products and closed coffee shops. On May 23, she announced that she had decided to leave the Russian market. The company, which has worked in Russia for 15 years, closed 130 establishments. Revenue of the legal entity of Starbucks in Russia “Coffee Sirena” according to RAS in 2021 grew by 42% to 5.2 billion rubles. The company’s net profit under RAS is 199.2 million rubles. against a loss of 523.2 million rubles. in 2020
On July 15 of the same year, restaurateur Anton Pinsky told Forbes that he, rapper Timati, and Senator Arsen Kanokov’s Sindika company would buy out the Russian Starbucks business. At the end of July, Timati announced that the deal was closed.
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