Watch: Starbucks CEO who said no to overtime is out
Laxman Narasimhan, the recently ousted CEO of Starbucks, has made headlines with a resurfaced video in which he emphasizes his commitment to maintaining a healthy work-life balance. The video, originally part of an interview for Fortune Magazine, has been widely circulated on social media platforms. In it, Narasimhan states that he is "very disciplined about balance" and does not work past 6:00pm.
Narasimhan's sudden departure
Starbucks has not disclosed specific reasons for Narasimhan's sudden exit. His departure coincides with a reported increase in CEO dismissals at US firms, as per Bloomberg. The coffee giant has appointed Brian Niccol, previously the CEO of Chipotle, as Narasimhan's successor. Until Niccol officially assumes his new role, Starbucks's CFO Rachel Ruggeri will serve as interim CEO.
Social media reacts to Narasimhan's views
The video of Narasimhan discussing his work-life balance has sparked a range of reactions on social media. A post by TripleNetInvest featuring the video has amassed nearly 1.6 million views and thousands of comments. Some users have linked Narasimhan's strict 6:00pm cutoff time to his departure from Starbucks, while others have defended him, highlighting his substantial net worth as evidence of his success despite the recent events.
Starbucks faces challenges amid leadership transition
Starbucks is currently grappling with consecutive quarters of sales declines, and a 20% drop in share value this year prior to the CEO change. The company has also been under pressure from investors such as Starboard Value, Elliott Investment Management, and former CEO Howard Schultz to address these issues. Narasimhan's exit marks a significant transition for Starbucks as it navigates these challenges under new leadership.
