Starbucks CEO Howard Schultz steps down, Laxman Narasimhan assumes leadership ahead of schedule

Laxman Narasimhan has officially assumed the position of CEO at Starbucks, taking over from Howard Schultz as of Monday, according to a statement released by the Seattle-based coffee giant. This announcement comes nearly two weeks earlier than previously anticipated.

Narasimhan is set to make his first public address as the chief executive of Starbucks at the company's annual shareholder meeting on Thursday.

The announcement of his official appointment has come as a surprise, as Starbucks had previously indicated that the transition would not be complete until the end of March, with Narasimhan assuming full duties in April.

Prior to his appointment, Narasimhan served as the chief executive of Reckitt, a company that owns popular brands such as Lysol, Durex, and Mucinex. He had also worked at major corporations such as PepsiCo and McKinsey, gaining valuable experience in the consumer goods industry and consulting.