Washington: satya nadella has taken Microsoft to astonishing heights and Sundar Pichai His performance with Alphabet/Google hasn't been too bad either. From the CEO of FedEx (Raj Subramaniam) to the CEO of grocery chain Albertsons (Vivek Sankaran), the success of Indian-Americans in the C-suite beyond tech companies is legendary.
But in a rare twist to the story, Starbucks announced Tuesday that it was replacing its C.E.O. Laxman Narasimhan After just 16 months in office, he indicated he had failed to halt the beverage chain's falling sales. Investors' activism and disappointment with Narasimhan's performance as Starbucks' chairman emeritus Howard SchultzThe very people who selected him as CEO are being blamed for his ouster.
Narasimhan will step down immediately and will be replaced by Chipotle CEO Brian NicolThe company said in a statement.
Pune-born Narasimhan took over as CEO at Seattle-based Starbucks, coming from London, where he was previously CEO of consumer goods company Reckitt Benckiser. His taking over coincided with a sales decline in Starbucks' primary markets, the US and China, which he was unable to arrest, while according to one report, he spent six months learning about Starbucks' business, including training as a barista. Starbucks' stock fell more than 20 percent during his leadership.
Chipotle, meanwhile, has thrived since Nichols took over in 2018, having previously led Taco Bell and Pizza Hut. Under him, its shares have risen more than 700 per cent as US consumers have begun to scorn vanity drinks for more essential food in times of inflation.
In a typically formal statement, Starbucks' board thanked Narasimhan for his service, saying, “Facing some daunting challenges, Laxman remains focused on improving the business to best serve the needs of our customers and partners. We all wish him the best and know he will do great things in the future.”
But in a rare twist to the story, Starbucks announced Tuesday that it was replacing its C.E.O. Laxman Narasimhan After just 16 months in office, he indicated he had failed to halt the beverage chain's falling sales. Investors' activism and disappointment with Narasimhan's performance as Starbucks' chairman emeritus Howard SchultzThe very people who selected him as CEO are being blamed for his ouster.
Narasimhan will step down immediately and will be replaced by Chipotle CEO Brian NicolThe company said in a statement.
Pune-born Narasimhan took over as CEO at Seattle-based Starbucks, coming from London, where he was previously CEO of consumer goods company Reckitt Benckiser. His taking over coincided with a sales decline in Starbucks' primary markets, the US and China, which he was unable to arrest, while according to one report, he spent six months learning about Starbucks' business, including training as a barista. Starbucks' stock fell more than 20 percent during his leadership.
Chipotle, meanwhile, has thrived since Nichols took over in 2018, having previously led Taco Bell and Pizza Hut. Under him, its shares have risen more than 700 per cent as US consumers have begun to scorn vanity drinks for more essential food in times of inflation.
In a typically formal statement, Starbucks' board thanked Narasimhan for his service, saying, “Facing some daunting challenges, Laxman remains focused on improving the business to best serve the needs of our customers and partners. We all wish him the best and know he will do great things in the future.”