Starbucks names former PepsiCo executive as new CEO

Starbucks has named a longtime PepsiCo executive as its new CEO.

The coffee giant said last Thursday that Laxman Narasimhan will join Starbucks on October 1 after relocating from London to Seattle, where Starbucks is based.

He will work closely with Starbucks’ interim CEO Howard Schultz through April 1, when he will assume the CEO role and join the company’s board.

Schultz said Narasimhan is “uniquely positioned” to lead the company, with a demonstrated track record of growth in both mature and emerging markets.

“As I have had the opportunity to get to know him, it has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers, and communities,” Schultz said in a statement.