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New CEO

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Starbucks has named Laxman Narasimhan as its next CEO.

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Narasimhan will become the incoming CEO of Starbucks on October 1. He will officially begin his role in April and will also join the company's board of directors thereafter.

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Reckitt Benckiser Group, where Narasimhan most recently served as CEO, announced earlier on Thursday that he would be stepping down.

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Howard Schultz, who took over Starbucks from outgoing CEO Kevin Johnson last spring, will remain as interim CEO throughout the transition.

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"Starbucks' business as it is structured today is not set up to meet the evolving behaviors, needs and expectations of our partners or customers."

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"He is a strategic and transformational leader with deep experience building strong consumer brands," Schultz said. "He's the leader we're looking for."

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