Starbucks Corporation SBUX said that on Monday Laxman Narasimhan had assumed the role of CEO and will join its board of directors.

What happened: Narasimhan, 55, was appointed as the new CEO on September 1, 2022. He’s spent the past two months learning about Starbucks, including earning his barista certification.

Narasimhan replaces three-time CEO howard schultz, WHO had planned completes his last stint after the AGM on March 23rd. Starbucks previously said Schultz would remain interim CEO until April 1 of this year.

Schultz served as CEO from 1986 to 2000 and again from 2008 to 2017. He took over the company again in April 2022 ken johnson announced his resignation.

See also: How to buy Starbucks (SBUX) stock

Why it matters: According to the company statement, Narasimhan will now chair the annual Starbucks shareholder meeting.

Schultz, who is also the founder of Starbucks, is scheduled to testify before the Senate Committee on Health, Education, Labor and Pensions, led by Senator. Bernie Sanders (I-Vt.).

The AID Committee said in a statement that the National Industrial Relations Committee has filed over 80 complaints against Starbucks for violating the Federal Labor Code.

Schultz agreed to testify after Sanders said the latter could be the case subpoenaed. Starbucks is struggling with a rising number of employees voting to join unions.

Price promotion: On Monday, Starbucks shares closed up 1.2% at $99.85 in the regular session, according to Benzinga Pro data.

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