Starbucks announce name of new CEO

Starbucks has announced the appointment of Laxman Narasimhan as its next CEO

 Narasimhan to become CEO at Starbucks on October 1st

Howard Schultz will remain as interim CEO throughout the transition.

He will officially begin his role in April and will then join the company's board of directors.

 Schultz will spend time with other company leaders, employees and customers before Narasimhan officially takes over

Narasimhan's previous company, Reckitt Benckiser, is the manufacturer of several UK-based hygiene and health brands, including Durex Condoms, Lysol and Mucinex.