Starbucks has fired its CEO Laxman Narasimhan for his performance and negligence towards his responsibilities. They now want Brian to take the position, make a new beginning for Starbucks, clean their image, and boost their revenue.
Who is Brain Niccol?
A Graduate of the University of Chicago Booth School of Business with an MBA ( Master of Business Administration). He was the former CEO of Taco Bell a division of YUM, From 2015 to 2018. He joined Taco Bell in 2011 and later achieved various positions in Pizza Hut, and also got a division in YUM. Even before joining YUM, he spent 10 years working at Procter & Gamble Co. as a brand manager. He also currently holds the position of a Board member at Walmart Inc.
Who Is Laxman Narasimhan?
Graduated from the University of Pune and the University of Pennsylvania. Laxman also holds degrees in Mechanical Engineering and Finance. He spent almost 20 years at McKinsey & Company, where he as a business consultant. Following that, he had a successful job at PepsiCo, where he held several high-profile positions, including Global Chief Commercial Officer.
Why did Starbucks fire its CEO?
Starbucks has provided no information regarding Laxman Narasimhan’s stepping down as CEO, which raises significant questions. Starbucks’s financial reports published in April 2024 show that the company has faced major financial problems, including decreasing sales and a 20% decrease in stock, mainly due to tight marketing conditions in China.
In a recent interview, Laxman stated,
If anyone at Starbucks gets a minute of my time after 6 pm, they better be sure that it’s important.
This statement spread like wildfire on the internet after his step down from the CEO’s position.
Conclusion.
Reports speculate that due to low sales and investor pressure, along with Laxman’s recent statement about his work schedule, he may have dissatisfied investors, leading to his decision to step down as a CEO. Many view this as a new beginning for the company.
