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Starbucks announced Tuesday it's replacing CEO Laxman Narasimhan with Chipotle CEO Brian Niccol as the coffee chain tries to reverse a sales slump. Before joining Starbucks, Narasimhan was chief executive of Reckitt, which owns brands like Lysol and Mucinex. Narasimhan's surprise ouster also suggests that Starbucks' board isn't interested in a deal with activist investors. When news of Elliott's stake in Starbucks first broke in July, the hedge fund offered Starbucks' board a settlement that would protect Narasimhan's job, CNBC previously reported. Starbucks' board did not initially respond or engage with Elliott for some time, driven in part by the lingering influence of Schultz.

Persons: Laxman Narasimhan, Brian Niccol, Rachel Ruggeri, Niccol, Narasimhan, Howard Schultz, Elliott, Chipotle, Mellody Hobson, shakeup, Brian, Hobson, he's, Bell, Narasimhan's, Schultz, Scott Boatwright, Jack Hartung Organizations: Starbucks, Elliott Management, Yum Brands, Bell, CNBC Locations: U.S, China, Chipotle, Pizza

☆ The A.I. Boom Has an Unlikely Early Winner: Wonky Consultants
▼ + stars: | 2024-06-26 | by ( Tripp Mickle | ) www.nytimes.com time to read: +1 min

But the team was uncertain about how, so it turned to Boston Consulting Group for help. Reckitt’s request was one of hundreds that Boston Consulting Group received last year. It now earns a fifth of its revenue — from zero just two years ago — through work related to artificial intelligence. “There’s a genuine thirst to figure out what are the implications for their businesses,” said Vladimir Lukic, Boston Consulting Group’s managing director for technology. The next big boom in tech is a long-awaited gift for wonky consultants.

Persons: ChatGPT, “, ”, Vladimir Lukic Organizations: Boston Consulting Group, Boston Consulting, McKinsey & Company, IBM, Accenture

☆ Howard Schultz says Starbucks needs to revamp its stores after big earnings miss
▼ + stars: | 2024-05-06 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Howard Schultz, former chief executive officer of Starbucks Corp., drinks from a Starbucks mug during a Senate Health, Education, Labor, and Pensions Committee hearing in Washington, DC, US, on Wednesday, March 29, 2023. The answer does not lie in data, but in the stores," Schultz wrote in a letter on Sunday evening posted to LinkedIn. He appeared to offer advice to his successor as he tries to turn the chain's sales around. "Leaders must model both humility and confidence as they work to restore trust and increase performance across the organization," Schultz wrote. A year and a half ago, Schultz told CNBC that he does not plan to come back as Starbucks' chief executive again.

Persons: Howard Schultz, Schultz, Sara Senatore, Laxman Narasimhan, Reckitt Organizations: Starbucks Corp, Health, Education, Labor, Starbucks, LinkedIn, Bank of America Securities, CNBC Locations: Washington , DC, U.S, East

The company's third-quarter sales volumes were also up against a tough comparative period from last year, when the recall of a rival U.S.-based company's infant formula boosted sales of Reckitt's Enfamil products there. Reckitt said quarterly like-for-like net sales rose 3.4%, behind the 3.7% growth analysts had expected in a company-supplied poll. Rival consumer products makers who have raised prices over the past two years have said in recent weeks that sales volumes could soon see improvements. The price/mix for Reckitt's products, which include Nurofen tablets and Durex condoms, rose 7.5%. Volumes declined 4.1% compared with last year.

Persons: Andrew Kelly, Reckitt, Kris Licht, Bernstein, Bruno Monteyne, Richa Naidu, Jason Neely, David Evans, Helen Popper Our Organizations: Benckiser, REUTERS, Wednesday, Thomson Locations: Manhattan , New York City, U.S

☆ Reckitt's sales volume dip takes shine off like-for-like sales beat
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

July 26 (Reuters) - Reckitt Benckiser's (RKT.L) sales volume fell in the second quarter as the Dettol and Lysol cleaning products maker increased its price mix to tame soaring raw material costs, sending its shares down more than 2%. Reckitt said on Wednesday sales volume for the second quarter was down 7.3% and its price mix rose 5.5% on a like-for-like basis to combat higher expenses. Rival Unilever (ULVR.L) on Tuesday also smashed underlying sales growth forecasts after again raising prices to offset higher costs. Reckitt on Wednesday raised its dividend to 76.6 pence for the first half, from 73 pence in the year-ago period. Reporting by Chandini Monnappa in Bengaluru; Editing by Sherry Jacob-Phillips and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Reckitt, Chandini, Sherry Jacob, Phillips, Jane Merriman Organizations: Rival Unilever, Thomson Locations: Ukraine, Russia, U.S, Bengaluru

☆ 'Good value, low risk, high quality': BofA names top Europe stocks to beat a recession
▼ + stars: | 2023-07-25 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Bank of America has named multiple European "top stocks" it says are of "good value, low risk" and "high quality." All of them turned up on "recession screens" for July, in a market BofA described as a being in a recession style cycle. The euro zone entered recession in the first quarter of the year, according to economic data released last month. Energy companies the bank named include Shell , German company EON and Italian firm Enel . During recession cycles, investors have benefited from being overweight on value stocks rather than growth stocks, as well as on stocks with strong balance sheets and lower risk, BofA added, citing research based on a testing period between 1992 and 2003.

Persons: EON, Reckitt, BofA, — CNBC's Michael Bloom Organizations: of America, Roche, Novartis, Sanofi, GSK, Volvo, Benz, Ferrari . Energy, Shell, Unilever, Lysol, Hikma Pharmaceuticals, Auto Locations: Howden

LONDON, June 27 (Reuters) - Reckitt's (RKT.L) Lysol disinfectant brand said on Tuesday that it would start selling in the U.S. an "air sanitizing spray" that kills 99.9% of airborne viruses and bacteria. The spray, which Reckitt said helps reduce the spread of airborne pathogens such as cold, Influenza and Coronavirus, has been approved by the U.S. Environmental Protection Agency. During the COVID-19 pandemic, Reckitt, Clorox (CLX.N) and other disinfectant makers benefited from a boom in sales of surface cleaners and wipes. At the time, there were no products suited to sanitizing air, though some anxious consumers took to spraying surface cleaners into their surroundings. The formula contains active molecules that are hygroscopic in nature, which allows the molecules to attach to microorganisms suspended in the air.

Persons: Reckitt, We'd, Chris Jones, Richa Naidu, Louise Heavens Organizations: U.S . Environmental Protection Agency, Thomson Locations: U.S

☆ 5 simple ways to stay healthy, avoid sickness, and feel energized during your next business trip
▼ + stars: | 2023-06-01 | by ( Mariette Williams | ) www.businessinsider.com time to read: +6 min

Insider spoke with three travel and wellness experts about staying healthy during a business trip. This article is part of "Work + Play," a series about blending business travel with personal experiences. With business travel back in full swing, Insider spoke with three experts about what you can do to stay healthy on the road. "And if I can budget it, I upgrade to a premium economy or business class seat for some extra room. "When I'm on the road, I try to get some time on the Stairmaster and/or the treadmill," Alexidor said.

Persons: —, Efrat LaMandre, LaMandre, Jerry Justin Alexidor, Alexidor, Brett Keller, Keller, I've Organizations: Service Locations: Tulum, Mexico

☆ Reckitt names Kris Licht as CEO, beats sales estimates
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters) - Reckitt Benckiser (RKT.L) has named company insider Kris Licht as CEO designate to succeed Nicandro Durante, taking the helm by the end of the year after a transition period. Licht, who has served as president of Reckitt's health business and as chief customer officer since July 2020, will be appointed to the board as an executive director from June 1. Durante, a former BAT (BATS.L) chief executive, will stay with Reckitt until December "to ensure a smooth transition". The company, which makes Durex condoms and Lysol cleaning products, also reported like-for-like net revenue up 7.9% in the first quarter, beating analyst expectations of a 3.6% rise in consensus forecast provided by the company. Reckitt, which also makes Nurofen tablets, cold remedy Lemsip and Dettol hygiene products, now expects like-for-like net revenue growth of 3-5% for the year after beating sales expectations for several quarters in a row, helped by price increases.

☆ Reckitt CEO switch may boost odds of a takeover
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters Breakingviews) - Reckitt Benckiser’s (RKT.L) decision to appoint an insider as CEO may help to entice prospective buyers, like U.S. giant Procter & Gamble (PG.N). Reckitt has been a perennial takeover target, as previous bosses struggled to deliver consistently strong revenue growth. It is still paying down a hefty debt pile following an ill-advised $17 billion takeover of baby food maker Mead Johnson in 2017. Net revenue grew by nearly 8% year-on-year in the first quarter – after excluding acquisitions, disposals and currency fluctuations. Reckitt’s shares trade at 17 times forecast 2023 earnings, compared with P&G’s multiple of nearly 25 times.

☆ Starbucks new CEO wants senior leaders to work in stores. Every leader should follow suit.
▼ + stars: | 2023-04-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. Others went through management-training programs operated by department stores. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.

☆ Starbucks' new CEO plans to spend time working at his company's coffee shops. Here's why every retail leader should take a shift on the sales floor.
▼ + stars: | 2023-04-03 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +7 min

Former Walmart CEO Greg Foran used to visit stores every week to observe factors like customer service, inventory levels, in-stock levels, and assortment. Fewer retail CEOs got their start working in storesLowe's CEO Marvin Ellison started his retail career as a Target security guard. David Swanson/ReutersOf course, times have changed — in the past, many retail CEOs got their start at the store level. As department stores started facing stiff competition from specialty stores, they scrambled to cut costs. These days, finding a qualified retail CEO seems like one of the hardest jobs to fill, with many companies looking outside the retail industry.

☆ Starbucks CEO says he'll work a shift at the company's cafes once a month
▼ + stars: | 2023-03-23 | by ( Amelia Lucas | ) www.cnbc.com time to read: +1 min

Starbucks CEO Laxman Narasimhan told employees Thursday that he'll work a half day every month at one of the coffee giant's locations. Narasimhan took the helm on Monday and will lead the company's shareholder meeting Thursday. His pledge comes at a rocky time for the company's relationship with its baristas. As of Friday, more than 190 company-owned Starbucks locations have voted to unionize, according to National Labor Relations Board data. Before joining Starbucks, Narasimhan was chief executive of Reckitt, which owns brands like Lysol and Durex.

☆ Starbucks' new CEO will start life at the coffee giant with a pay packet that could be worth over $28 million
▼ + stars: | 2023-03-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Laxman Narasimhan just started as CEO of Starbucks, and he's set to take home a hefty paycheck. This includes annual equity awards with a target value of $13.6 million, SEC filings show. According to Securities and Exchange Commission filings from September, Narasimhan will start with a base salary of $1.3 million per year. Starbucks says he'll also be eligible for annual equity awards with a target value of $13.6 million. When Kevin Johnson resigned as Starbucks CEO in April 2022, former boss Howard Schultz was named as his interim replacement.

☆ Meet Laxman Narasimhan, a coffee industry outsider who just took over as CEO of Starbucks
▼ + stars: | 2023-03-20 | by ( Avery Hartmans | Nancy Luna | ) www.businessinsider.com time to read: +6 min

Laxman Narasimhan officially took over as Starbucks CEO, replacing Howard Schultz. Narasimhan is new to the coffee industry, having started his career in the consulting world before joining PepsiCo, and, later, British consumer goods company Reckitt Benckiser. Narasimhan built his career in the beverage and consumer-goods industriesLaxman Narasimhan at Starbucks Investor Day in September 2022. Starbucks said at the time that Narasimhan would begin as CEO on April 1, taking over for interim CEO Schultz. Of the 365 Starbucks stores that have held votes to unionize, 292 have voted to form a union.

☆ Club meeting recap: Buying this oversold market, looking ahead to Nvidia's big week
▼ + stars: | 2023-03-20 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Watch Nvidia Club holding Nvidia (NVDA) got a series of positive Wall Street calls Monday ahead of the company's GTC developer's conference this week. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ New Starbucks CEO Laxman Narasimhan takes over nearly two weeks earlier than expected
▼ + stars: | 2023-03-20 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Starbucks on Monday said that Laxman Narasimhan has officially become CEO, nearly two weeks earlier than expected. After being named incoming CEO in September, Narasimhan has spent months learning about Starbucks' business, including training as a barista. Schultz returned nearly a year ago after former CEO Kevin Johnson surprised investors by announcing his retirement. Since Schultz returned April 4, Starbucks stock has risen nearly 8%, bringing its market value to $113 billion. In September, Schultz told CNBC that he's never planning on coming back as Starbucks' chief executive again.

☆ Stocks making the biggest moves midday: Stitch Fix, Tesla, WeWork, Campbell Soup and more
▼ + stars: | 2023-03-08 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

United Natural Foods — The organic food company tumbled 27% after posting earnings for its fiscal second quarter that missed analyst expectations. Stitch Fix — The styling company saw shares drop 10% after it reported weaker-than-expected revenue for the latest quarter as well as a wider-than-forecast loss. The Omaha-based conglomerate bought nearly 5.8 million shares of the oil company in a few trades on Friday, Monday and Tuesday, bumping Berkshire's ownership to 22.2%. Campbell Soup Company — Campbell Soup saw shares rise nearly 2% after its fiscal second quarter earnings, revenue and margins beat analysts' expectations. The company's revenue also topped expectations, coming in at $637 million compared to $625 million anticipated by Refinitiv analysts.

LONDON, March 1 (Reuters) - Reckitt Benckiser (RKT.L), maker of Dettol and Lysol cleaning products, on Wednesday marginally beat full-year like-for-like net revenue expectations, helped by higher prices and its nutrition and health businesses. The company said it would target like-for-like net revenue growth of mid-single digits for 2023, excluding the substantial boost its 2022 sales received from the recall of a rival's infant formula. Abbott Laboratories (ABT.N) early last year recalled dozens of infant nutrition products in the United States after customers complained of infants contracting bacterial infections. Reckitt, its biggest rival at the time, ramped up production to fill the supply gap left by Abbott, helping to drive full-year like-for-like net sales growth of about 23% in its nutrition business. The company said full-year like-for-like net revenue increased by 7.6%, edging ahead of analysts' expectations of a 7.5% rise, according to a company-provided consensus.

☆ Reckitt sales marginally beat full-year estimates
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 1 (Reuters) - Britain's Reckitt Benckiser (RKT.L), maker of Dettol and Lysol cleaning products, on Wednesday marginally beat full-year like-for-like net revenue expectations, helped by its nutrition and health businesses. The company said it would target like-for-like net revenue growth of mid-single digits for 2023. Abbott Laboratories (ABT.N) early last year recalled dozens of infant nutrition products in the United States after customers complained of infants contracting bacterial infections. Reckitt, its biggest rival at the time, ramped up production to fill the supply gap left by Abbott, helping drive full-year like-for-like net sales growth of about 23% in its nutrition business. Reckitt's own 2022 like-for-like net revenue growth target was 6% to 8%.

☆ Three Years Into Covid, We Still Don’t Know How to Talk About It
▼ + stars: | 2023-02-22 | by ( Jon Mooallem | Photographs Ashley Gilbertson | ) www.nytimes.com time to read: +53 min

It will play out and reverberate for years or decades, Hagen told me. “The pathological normal,” Hagen calls it: a patchwork of homespun, bespoke realities, each one invested in a different story about what exactly happened when Covid ruptured the story of our lives. garb.”More than once, life seemed to be attaining “an uncanny resemblance to normal life,” as one man put it. But because we don’t totally understand where that experience has delivered us, we don’t know the right gloss to give it. “The days are strange,” one public-school teacher told Milstein toward the end of his first interview, in May 2020.

☆ Bird flu spreads to new countries, threatens non-stop 'war' on poultry
▼ + stars: | 2023-02-15 | by ( Tom Polansek | ) www.reuters.com time to read: +8 min

Argentina found the virus in wild birds, while dead swans in Uruguay tested positive. The United States, Britain, France and Japan are among countries that have suffered record losses of poultry over the past year, leaving some farmers feeling helpless. Poultry in the Northern Hemisphere were previously considered to be most at risk when wild birds are active during spring migration. Some experts suspect climate change may be contributing to the global spread by altering wild birds' habitats and migratory paths. Farmers are trying unusual tactics to protect poultry, with some using machines that make loud noises to scare off wild birds, experts said.

☆ Bird flu spreads to new countries, threatens non-stop "war" on poultry
▼ + stars: | 2023-02-15 | by ( Tom Polansek | ) www.reuters.com time to read: +7 min

The United States, Britain, France and Japan are among countries that have suffered record losses of poultry over the past year, leaving some farmers feeling helpless. Poultry in the Northern Hemisphere were previously considered to be most at risk when wild birds are active during spring migration. Some experts suspect climate change may be contributing to the global spread by altering wild birds' habitats and migratory paths. Farmers are trying unusual tactics to protect poultry, with some using machines that make loud noises to scare off wild birds, experts said. Berkowitz said he is bracing for March and April when migration season will pose an even greater risk to poultry.

"The peak of pricing and commodities will be the second half of this year," he added, saying supply chain cost inflation is starting to come down. Despite those pressures, Reckitt now expects like-for-like sales growth of 6%-8% in 2022, compared with its previous guidance of 5%-8%. "Clearly consumers are buying a little less in more discretionary categories," Carr said, flagging that sales volumes had declined in the supplements, vitamins and air freshener categories. Sales volumes declined 4.6%. Once all these one-offs are excluded, some sell-side analysts believe underlying sales growth is far more modest and close to the bottom end of medium-term sales growth guidance."

☆ Reckitt upbeat on sales outlook as prices rise
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

The higher prices, which are contributing to a global cost-of-living crisis, are denting sales volumes as many people turn to cheaper or private label products. The company's third-quarter like-for-like revenue rose 7.4%, above the 6.1% growth analysts had expected in a company-supplied poll. Sales volumes declined 4.6%. Prices for the company's products rose 12% in the quarter. Reckitt, which has held off on price increases in this category, said it estimated this benefit to have added about 3% to net revenue growth in the third quarter.

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