Laxman Narasimhan hosts his first Annual Meeting of Shareholders

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On his fourth day as Starbucks chief executive officer, Laxman Narasimhan hosted the company’s 31st Annual Meeting of Shareholders virtually. Together with the Starbucks Board of Directors, leadership team and green apron partners (employees) from around the world, Narasimhan shared what he learned throughout his immersion journey, including what it means to wear the green apron. And, importantly, he also also shared how these immersion observations will shape the future of Starbucks.&nbsp;

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New ceo shares vision for a ‘limitless’ Starbucks&nbsp;

Narasimhan shared his bold vision for the refounding of Starbucks, which he reiterated in a <a href="https://stories.starbucks.com/press/2023/laxman-letter-to-partners-with-gratitude-and-optimism/">letter shared directly with partners</a> to mark the occasion.&nbsp;

“We have limitless potential, but we need to address what limits us,” said Narasimhan. “Our performance is strong, but our health needs to be stronger. We strive to be a different kind of company, and that is unchanged. But we now operate in a different kind of world.”

Leaders define what limitless means to them&nbsp;

Throughout Narasimhan’s immersion, he worked closely with the leadership team to define the limitless opportunities ahead for Starbucks.&nbsp;&nbsp;

Starbucks leadership emphasized the importance of the company using its scale for good, being open-minded to new ways of doing business, continuing to innovate the partner experience and uplifting communities around the world.&nbsp;

Starbucks shared that with the reinvention plan underway comes a continued investment in partner wages and store operations, and leadership will continue to directly engage with retail partners for guidance. Narasimhan shared that to keep closely connected to the culture and customers, as well as the challenges and opportunities within retail stores, he plans to work in stores for a half day each month and expects his leadership team will stay closely connected to the frontline experience as well. “This is just the beginning,” he said.

Starbucks announced over $1 billion in investments in the overall partner experience. That's shown up with the introduction of new benefits and with increases in pay.

From the beginning, Starbucks has always believed the partner experience is foundational to the success of the company. This past fiscal year alone Starbucks invested more than $1 billion in wages and training, bringing the average hourly pay at Starbucks to nearly $17.50/hour nationally and with a range of $15-23/hour. Factoring in the value of Starbucks benefits – rated number one by Aon – that number can rise to up to $10 (making it nearly $27.50/hour), if our partners participate in all of our benefits. In addition, as a part of the reinvention plan, Starbucks recently completed the rollout of credit/debit tipping across all eligible stores, giving customers more ways to show their appreciation to partners.&nbsp;

Partner benefit enhancements mentioned in the last year include the renewal of the <a href="https://stories.starbucks.com/stories/2022/the-coveted-starbucks-coffee-master-black-aprons-return/" target="_blank" rel="noreferrer noopener">Coffee Masters program</a> and the <a href="https://coffeeexperiences.starbucks.com/" target="_blank" rel="noreferrer noopener">Origin Experience</a> to deepen partners’ connection to coffee.&nbsp;

Human connection remains core to Starbucks&nbsp;&nbsp;&nbsp;&nbsp;

In his letter today, Narasimhan wrote, “Through my immersion, Howard, the leadership team and I have spent a significant amount of time discussing the universal need for human connection – something Starbucks is uniquely positioned to deliver – in a world full of isolation, loneliness and social exclusion. Together, we have acknowledged the opportunity for a refounding of Starbucks – to nurture the limitless possibilities for our partners, our customers, our communities, our farmers, our earth, and our shareholders by prioritizing human connection over every cup of coffee."

Scenic view of sunrise over Hacienda Alsacia coffee farm

Laxman Narasimhan hosts his first Annual Meeting of Shareholders.

Top takeaways from Starbucks 2023 Annual Meeting of Shareholders

Historias-en

https://historias.starbucks.com/en-es/stories/2023/top-takeaways-from-starbucks-2023-annual-meeting-of-shareholders/

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Photos by Taylor Kelliher, Joshua Trujillo, Connor Surdi

Laxman Narasimhan took the helm of Starbucks as the <a href="https://stories.starbucks.com/press/2023/laxman-narasimhan-assumes-role-of-starbucks-chief-executive-officer/" target="_blank" rel="noreferrer noopener">new chief executive officer</a> on Monday, but before that, he spent almost six months being mentored by Howard Schultz, meeting with hundreds of partners (employees) around the world, earning his barista certification, and diving into the world of coffee. As Starbucks welcomes Narasimhan to his new role as ceo at today’s Annual Meeting of Shareholders, we take a look back at the people he has met across the company and around the world.&nbsp;

“It’s been a remarkable experience for me – from our origins, where we buy coffee from over a half a million farmers, through our roasting plans, our distribution centers, and into our stores,” Narasimhan said. “This immersion has been an incredible journey and a gift.”&nbsp;

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Narasimhan was welcomed as incoming chief executive officer of Starbucks with a coffee tasting in the place where it all began – at <a href="https://stories.starbucks.com/stories/2015/store-tour-inside-1912-pike-place-seattle-usa/" target="_blank" rel="noreferrer noopener">Seattle’s Pike Place market store</a>. Soon after, he met&nbsp; Starbucks partners <a href="https://stories.starbucks.com/stories/2022/incoming-starbucks-ceo-meets-partners-at-open-forum-shares-personal-journey/" target="_blank" rel="noreferrer noopener">at his first open forum</a> on Sept. 8, 2022, three weeks before he officially joined the company Oct. 1. When Schultz, then interim chief executive officer, introduced Narasimhan to partners, he said that “the leader of Starbucks, the future of the company, must be steeped in humility and must have an innate understanding of humanity.”&nbsp;&nbsp;

Schultz said as he got to know Narasimhan, he said he was stuck by his experience and leadership qualities. “I know we're going to be in great hands and I can promise you he is going to make us a better company.”&nbsp;

Listening and learning&nbsp;

Narasimhan worked with Schultz to create a unique immersion to learn about the Starbucks culture and the business.&nbsp;

“This time with Howard in stores, in the roasting plants, with partners, with investors, with customers – it's an incredible opportunity for me to be learning from one of the best entrepreneurs in the world,” Narasimhan said.&nbsp;

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Narasimhan began immersion as incoming ceo by earning his barista certification with four weeks of in-store training and visits to more than 30 stores around the world – working the drive-thru window, learning the point-of-sale system and perfecting the topping of a Pumpkin Spice Latte.&nbsp;&nbsp;

“I thought it was very important for me to put myself in the shoes of the partners and really understand what they do and how they do it,” Narasimhan said. “There were things I learned through experience in all of this. It taught me a lot.”&nbsp;&nbsp;

Alli Mendoza, a barista in Houston, was one of the partners who trained Narasimhan on the espresso bar. “People ask me what it’s like to train the ceo, like ‘Really, how was it?’” Mendoza said. “He loved interacting with people, he loves laughing and making people laugh. He just wants to learn and be a ceo who’s there for us.”&nbsp;

Coffee &amp; connection&nbsp;

In his visits to Starbucks stores, Narasimhan sat down with store managers, district managers and regional directors for their input and guidance. He said, “One piece of advice I hope to really live by was actually a question I was asked by a terrific store manager: ‘Did you earn your green apron today?’ It really got me reflective and thinking about how I could end each day in the future with that question, and hope that most days, the answer would be ‘yes.’”&nbsp;

The world of coffee&nbsp;

Narasimhan experienced the journey of Starbucks coffee from the first 10 feet to the last, starting from the fields where coffee is grown (such as Hacienda Alsacia above), to roasting plants in the United States and Europe, and Starbucks stores in London, Amsterdam, Japan, and the United States. Along the way, Narasimhan sipped countless cups of coffee. His favorite? Coffee from Guatemala.&nbsp;

Embracing innovation&nbsp;

Whether it’s hand-delivering a new cold foam blender to baristas in Seattle or testing out the virtual reality training for the new Clover Vertica™ in Minneapolis, Narasimhan has taken a hands-on approach to <a href="https://stories.starbucks.com/stories/2022/recipe-for-reinvention-starbucks-unveils-innovations-for-better-customer-barista-experiences/" target="_blank" rel="noreferrer noopener">new technologies to help create a better store experience</a> for partners and customers.&nbsp;&nbsp;

Celebrating with partners is one of the best part parts of the ceo job at Starbucks. In November, he attended his first <a href="https://historias.starbucks.com/en-es/press/2022/starbucks-green-apron-partners-showcase-their-coffee-craft-and-skill-at-the-latin-america-and-caribbean-barista-championship/" target="_blank" rel="noreferrer noopener">Barista Championship</a> at Hacienda Alsacia recognizing Starbucks coffee craft and expertise. In December, Narasimhan traveled to Arizona State University to honor the 850 Starbucks partners in the Fall 2022 graduating class who earned bachelor’s degrees through Arizona State University with the <a href="https://www.starbucks.com/careers/working-at-starbucks/education/" target="_blank" rel="noreferrer noopener">Starbucks College Achievement Plan</a>. In February, he spent time with partners in the Milan Roastery for the debut of <a href="https://stories.starbucks.com/starbucks-oleato-olive-oil-meets-coffee" target="_blank" rel="noreferrer noopener">Starbucks Oleato</a> beverages.&nbsp;

“On a very personal level, I’m going to be very connected to our partners and to our customers in the experience that we deliver – human connection,” Narasimhan said. 

Annual Meeting of Shareholders

Narasimhan led his first Starbucks Annual Meeting of Shareholders, in Seattle, on March 23, joined by board chair Mellody Hobson (right) and the Starbucks senior leadership team, including Zabrina Jenkins (left) and AJ Jones II (second from left). &nbsp;

“These past six months have enabled me to listen, to learn, and to think about what the future of Starbucks looks like and what we need to do to get there,” Narasimhan said. “As the new ceo&nbsp;of Starbucks, I am confident that I know our business and our people well, but I will continue to learn and I'm excited to continue earning my green apron every day.”&nbsp;

As Starbucks welcomes Narasimhan to his new role as ceo at the Starbucks Annual Meeting of Shareholders, we take a look back at the people he has met across the company and around the world.

Laxman Narasimhan’s immersive training – from Starbucks barista to ceo

Photos: Laxman Narasimhan’s immersive training – from Starbucks barista to ceo

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