Starbucks CEO Laxman Narasimhan issued his first letter to shareholders two days after officially assuming the role. In it, he underscored the importance of their 'reinvention plan.'
"Actioning our reinvention plan has been a critical step in unlocking our limitless potential," Narasimhan said, while acknowledging that the company has more work to do. Starbuck's shares are little changed this year, compared to a 2.5% rise in the S&P 500.
For long term growth, Narasimhan went on to explain that the company needs to discover ways to further "elevate the brand" through its coffee and stores. Over the past five months before assuming the role of CEO, Narasimahan worked with employees in over 30 stores, manufacturing plants and in support centers around the world.
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