Another Fortune 500 company, the CEO has become Indian! Will India make a difference in global business circles?
India's future influence in the global economy and business circles cannot be ignored, and another Indian has become the CEO of the world's top 500 companies.
Starbucks has just appointed Laxman Narasimhan, a former chief commercial officer of PepsiCo who has served as a senior executive at other consumer brands, as Starbucks' next CEO.
In 2020, Starbucks Group ranked 478th among the world's top 500 companies. In 2021, it fell out of the world's top 500 team, but in 2022, it was again on the list, ranking 492nd.
After starbucks CEO Kevin Johnson retired in April this year, Howard Schultz, who has been Starbucks CEO for a total of about 20 years, can only return to the pot to temporarily take over the CEO position, and Narasinghan will work with Schultz for a period of time, scheduled to officially take office on April 1, 2023.
Look at the world's top 500 companies now, Indian descent is becoming CEO more and more. According to a 2020 Harvard Business Review study, 30 percent of Fortune 500 companies are at the helm of Indians. The CEOs of world-renowned companies such as Google, Microsoft, and MasterCard are all Indians, and Silicon Valley is becoming an "Indian-American executive club."
Some wonder why so many Indians have become CEOs of large American companies. The main reason is that in the 1980s, 7% of startups in Silicon Valley were led by Indians, and this figure has risen to at least 13% by the 1990s.
Late last year, Twitter CEO and founder Jack Dorsey announced his departure as CEO. Meanwhile, he said a suitable successor had been found, Twitter CTO Parag Agrawal, a native of 1984, and handed over the CEO position to him. Parag became the youngest CEO of a Fortune 500 company.
Many media outlets have summed up the list of Silicon Valley's generation of immigrant Indian CEOs, including big tech companies such as Google, Microsoft, IBM and Adobe. In this context, India's economic growth rate reached 13.5% in the second quarter of this year, and the momentum is still relatively strong. Then with the cooperation of the Indian CEOs of these top 500 companies, the Indian economy will gain a lot of influence in the future.
