Howard Schultz steps down as CEO of Starbucks
Howard Schultz is no longer CEO of coffee giant Starbucks, according to Business Wire.
Laxman Narasimhan has assumed the role of CEO of the Seattle-based company, effective Monday.
Narasimhan was named incoming CEO on Sep. 1, 2022, succeeding now-former CEO, Schultz.
Schultz is credited with helping Starbucks become a global chain.
Schultz helped in the global search for a new leader and returned as interim CEO effective Apr. 4, 2022. He stepped down two weeks earlier than the previously announced date of Apr. 1, 2023.
Narasimhan will lead Starbucks Annual Shareholder Meeting on Thursday.
The switch comes about a week before Schultz is slated to testify before Congress.
Starbucks is facing criticism over how it has dealt with employees who want to unionize, and lawmakers want details.
A labor judge said Starbucks violated workers’ rights.