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Starbucks, CEO Laxman Narasimhan is stepping down from his role after just one year at the helm. The resignation is effective immediately, leaving the global coffee giant in a period of transition as it grapples with declining sales and mounting competition.
Narasimhan, who succeeded longtime Starbucks leader Howard Schultz in 2023, had been tasked with steering the company through a challenging market environment. Despite his efforts, Starbucks has struggled to regain its footing, with a two percent drop in revenue during the first quarter of the year underscoring the difficulties. . .
