Starbucks new CEO Laxman Narasimhan to take over from Howard Schultz

Starbucks on Thursday named Laxman Narasimhan as its next chief executive officer.

He'll join Starbucks in October, learning about the company and its reinvention plan, before assuming the top job in April.

Schultz will remain on Starbucks' board after Narasimhan succeeds him.

Schultz returned to the company as its interim CEO, earning just $1 for his salary.

In the meantime, Schultz and the Starbucks board hunted for a long-term successor, with the intention of announcing the new CEO in the fall.

In its home market, Starbucks is facing a union push, with more than 200 stores in the U.S. voting to organize under Workers United.