Laxman Narasimhan is Starbucks new CEO

Starbucks new CEO Laxman Narasimhan to take over from Howard Schultz

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

[{"selector":"#anim-1afda847-3dbd-4de0-9799-4079600a2055","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-767e8223-9073-481a-bf03-7d9eb39939dc","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-7373892d-3462-49b4-8618-3c6e6fc6e359","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

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

[{"selector":"#anim-963e2bb3-2122-46d5-ab71-658b85c91dcb","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

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.

[{"selector":"#anim-a4942927-fbb0-4153-a6e0-b74094ff8271","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

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.

[{"selector":"#anim-1b2c8ddf-f05e-40ec-83d1-d7c1f21cd230","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]