Sunday, 13 Oct, 2024
By: Yash Gupte
Most recent one to join the club is Laxman Narasimhan who is set to join the coffee giant Starbucks from 1st October 2022. Though he will be joining the Starbucks next month, he will become the CEO of the multinational coffee house from 1st April 2023.
Indians have been leaving their remarkable footprint in the world in diverse fields. India is considered as home to some of the most brilliant and innovative minds in the world and this has been proven from time to time with the appointment of Indian Origin persons to the top positions of some of the top Multi-national Corporations (MNCs) in the world. From IT wizards making their impact in the Silicon Valley to tycoons leading some of the world's most influential multinationals, India and Indian blood has gone on to run some of the world's most successful businesses and companies.
Most recent one to join the club is Laxman Narasimhan who is set to join the coffee giant Starbucks from 1st October 2022. Though he will be joining the Starbucks next month, he will become the CEO of the multinational coffee house from 1st April 2023. Upon relocating from London to Seattle, Narasimhan will initially serve as the incoming CEO, working closely with interim CEO Howard Schultz until taking over as CEO and joining the board. Narasimhan, 55, has been the chief executive of Reckitt Benckiser Group PLC, which owns Lysol and Enfamil baby formula. He announced his resignation from that position earlier in the day, and Reckitt Benckiser's shares slumped 4% on the FTSE 100. He has more than 30 years of experience in leading and consulting global consumer brands. He has worked with global market giants like PepsiCo and McKinsey & Company.
Little after his appointment with the Starbucks, Laxman Narasimhan said, “Starbucks' commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivaled, globally admired brand that has transformed the way we connect over coffee. I am humbled to be joining this iconic company at such a pivotal time, as the Reinvention and investments in the partner and customer experiences position us to meet the changing demands we face today and set us up for an even stronger future.” Narasimhan holds a degree in Mechanical Engineering from University of Pune, India. He pursued his MBA degree in finance from The Wharton School of University of Pennsylvania, USA.
The appointment of the Indian origin CEO comes at a time when Starbucks is facing a turbulent period as workers from more than 200 stores in the United States have formed unions pushing for salary hike and better benefits.
Large Multinationals and tech giants are currently led by the CEOs and MDs of Indian origin. This depicts the sharpness and brilliance of Indian minds in the world.
The Asian Indians is the highest earning ethnic group in USA. Indian immigrants account for around 6% of the foreign-born population in the United States and are the second-largest immigrant group in the country, after Mexican immigrants. No other racial group in America is as well educated as Indian Americans as 82% of Indian American adults aged between 25-55 hold a college degree, compared to 42% of whites.
Source: US Census, 2021 & New York Times
Blacks rank at the bottom of the chart when it comes to average median income in USA as their median income stands at $53,800, while Indians top the chart with average median income of $133,130. The whites who have a significant population in USA have an average median income of $86,400 which is around $46,730 less than Indians. This shows that the Indians are the highest earning ethnic group in the United States is also the influential one as they hold key positions in the US government and private sector. The Indian community is one of the most successful communities in USA and contributes immensely to the US economy. After the appointment of Parag Agarwal as the CEO of Twitter in 2021, Tesla founder Elon Musk had tweeted about the success of Indians in USA. His tweet read,”USA benefits greatly from Indian talent!”
