In a surprising move, Starbucks has replaced its Indian-origin CEO, Laxman Narasimhan, with Brian Niccol, the current CEO of Chipotle. Narasimhan, who began his role last year, is stepping down from both his CEO position and the Starbucks board.
This sudden leadership change comes as Starbucks faces substantial challenges, including a sharp decline in sales and a disappointing earnings report for April. The company has attributed these struggles to weakened consumer sentiment and tough market conditions in China.
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The departure of Narasimhan adds to a list of recent exits of high-profile Indian-origin CEOs.
Sandeep Mathrani, former CEO of WeWork, stepped down in May 2023.
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Parag Agrawal, who was elevated to CEO of Twitter in November 2021, was another notable figure recently ousted.
Sundar Pichai might soon join this list of high-profile departures. Despite Google’s growth under his leadership, there has been ongoing pressure from investors for his removal due to the company’s struggles in the AI sector. Some observers believe Pichai may resign or be fired shortly.
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Amid Laxman Narasimhan’s exit, an old interview video has gone viral, fueling claims of his firing.
In the interview with Fortune Magazine, he mentioned his strict work schedule, stating, “If anyone at Starbucks gets a minute of my time after 6 pm, they better be sure that it’s important.”
This comment has sparked widespread online discussion.
Born on May 15, 1967, in Pune, India, Laxman Narasimhan has had a distinguished career. He holds a Mechanical Engineering degree from the University of Pune, a Master’s from the University of Pennsylvania, and an MBA from Wharton.
He spent 19 years at McKinsey & Company and later held key roles at PepsiCo and Reckitt before joining Starbucks in October 2022.
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