On Monday, Starbucks announced a new chief executive officer who will join its board of directors two weeks sooner. Its stock price increased by 1.17% to $99.85 per share on March 20. However, it is anticipated to drop by -0.10% to $99.75 apiece in the upcoming session.
Laxman Narasimhan was proclaimed as the incoming CEO on September 1, 2022. He will replace the company founder and currently the former leader, Howard Schultz.
Moreover, Narasimhan entered the Starbucks company bringing almost 30 years of experience taking charge of global consumer goods businesses. Also, he is knowledgeable about advising retail, grocery, restaurant, and e-commerce companies.
He is scheduled to take charge of the company’s annual meeting on Thursday. Furthermore, Schultz reported hundreds of millions in investments for better worker pay and benefits. The improvement is an effort to revamp its North American stores.
In addition, Starbucks made over $1.00 billion in supporting the plans. The money is for investments to update training, have better equipment, raise wages, and other benefits for non-union workers.
The new leadership assignment happened during a critical moment for the Seattle giant, attempting to defend itself from unionization. National Labor Relations Board judge Michael Rosas said Starbucks showed misconduct in dealing with staff involved in unionization.
On March 29, Schultz will testify before a Senate committee in assessing the coffee business’ labor record.
Sanctuary and Starbucks Partners Over New Promo
The astrology application, Sanctuary, partnered with the famous coffee shop for a new promotion. In celebrating the astrological year, it launched Starbucks Star Signs.
Fans who visit the website StarbucksStarSigns.com will be asked to enter their zodiac sign and answer a few questions. After that, they will be provided with a drink recommendation. The beverage suggestion includes their spring horoscope, motivational words, spring color, and spring flower.
According to a Sanctuary astrologer, the readings are supposed to empower anyone. Regardless of their sign, customers would lean into that positive energy for the fresh start of spring. Moreover, Starbucks released a new spring menu which includes a new cold brew.