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A look inside a $22.5 million Miami condo with insane luxury amenities

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Inside a $22.5 million condo in Miami with over 70,000 sq ft of insane amenities
This $22.5 million condo in Miami spans 6,200 square feet with four bedrooms and five and a half baths. But perhaps more impressive than what comes inside those four walls is the mind-blowing list of over-the-top amenities that comes with it.

The luxury condo is situated on the 48th floor of the Turnberry Ocean Club Residences in Sunny Isles Beach, Florida, where the touted amenities span over 70,000 square feet and 300 acres and include everything from a giant waterpark to a $1.2 million beachfront cabana.

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The primary suite and balcony with views of the Atlantic.

Turnberry Ocean Club Residences / Leo Diaz

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The building’s prime location, sandwiched between the Atlantic Ocean and the Intracoastal Waterway, means flow-through apartments that extend the entire length of the building — like unit 4803, currently up for sale — deliver two different waterfront views and command a premium for buyers who will pay more to see the sun rise over one shoreline and set over another.

The condo’s impressive amenities helped it break a record in October when a $23 million duplex on the 50th floor sold for over $3,850 per square foot, the highest price-per-square-foot ever achieved for a condo in Sunny Isles Beach according to South Florida real estate broker Senada Adzem, who recently took CNBC on a tour of the building and the $22.5 million residence up for grabs.

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“Sunny Isles Beach is the epicenter of ultra luxury branded developments, and with all the competition they have to differentiate with extraordinary amenities and unique brands to command a premium,” said Adzem. 

Dramatic ocean views from the residence’s east-facing balcony.

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Turnberry Ocean Club Residences / Leo Diaz

It will take some time to unpack all the extras offered to residents at 18501 Collins Avenue, as they span six amenity-devoted levels inside the building and spill over to the 300-acre Turnberry Isle Country Club.

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Residents get a social membership program at the club, which is about one mile away and includes two 16-hole world-class golf courses and a giant waterpark. The condo’s mega-amenity package also extends over to Fontainebleau Aviation, a private corporate jet center at the nearby Miami-Opa locka Executive Airport, where Turnberry residents receive so-called “VIP privileges.” And for the yachting crowd, there’s access to the Turnberry Marina which can dock yachts up to 180 feet long according to the residences’ website.

“Turnberry Ocean Club carries with it a discernible cachet,” said Adzem, “There’s an ‘it’ factor in play, and people want to be part of it.”

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The building’s three-story Sky Club starts on the 30th floor and spans approximately 40,000 square feet. The building’s sales executive Sabine Otamendi told CNBC the Sky Club cost $100 million to construct and no part of the building is open to the public.

A view of the building’s Sky Club which spans three levels from the 30th to 32nd floor and includes two cantilevered pools one for sunrise the other for sunset.

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Turnberry Ocean Club Residences

On the 30th level there are two cantilevered pools — one for sunrise and another for sunset — plus a juice and smoothie bar and outdoor living rooms with televisions.

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An aerial view of the sunrise pool on the 30th floor, which cantilevers 333 feet above sea level.

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The 31st floor is entirely dedicated to wellness, with a full-service spa in the sky, plus indoor and outdoor fitness areas, men’s and women’s locker rooms, and steam showers and sauna.

The Sky Club’s full service spa.

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Turnberry Ocean Club Residences

Inside the Sky Club’s fitness center where the treadmills come with impressive views.

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Turnberry Ocean Club Residences

On the 32nd floor there’s a sunset lounge with a wine vault, lounge areas, an indoor dining space and full catering kitchen.

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The Sky Club’s wine vault and lounge.

Turnberry Ocean Club Residences

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Outdoor sunset lounge

Turnberry Ocean Club Residences

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Also up on 32nd floor is a so-called dog retreat where lucky pooches can take in the ocean views and relieve themselves. There’s another pet area on the ground level as well.

Outdoor pet retreat and dog walking area.

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Turnberry Ocean Club Residences

The amenity list keeps growing on floors one, two and three, where you’ll find another pool and 31 ocean-view cabanas.

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The view from the ocean front infinity pool.

Turnberry Ocean Club Residences

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There’s a poolside outdoor restaurant that serves breakfast and lunch, along with a fine-dining restaurant and piano bar on floor three. That level also houses a screening room and two hotel suites for residents’ guests. Off the lobby there’s a coffee lounge called Drip where a barista serves complimentary coffee and continental breakfast seven days a week.

A barista staffs the building’s ground-level coffee lounge where residents are offered free coffee and continental breakfast.

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Turnberry Ocean Club Residences

The beachfront neighborhood only spans about 1.8 square miles — for that size there’s a remarkable 16 high-end condominium residences vying for buyers with units priced north of $10 million. 

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“Branded projects are all the rage now, with renowned architects, designers, spas and beach clubs coupled with ultra luxury amenities and services,” said Adzem.

Among the higher-end branded condos in Sunny Isles Beach is the Porsche Design Tower, which stands next door to the Turnberry Ocean Club, the Bentley Residences, the Residences by Armani Casa, The Estates at Aqualina, Jade Signature, and the Ritz-Carlton Residences.

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Aerial view of the Porsche Design Tower in Sunny Isles Beach. 

Here are just some of the stand-out amenities being used to lure in wealthy buyers in some of those buildings:

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At the Porsche Design Tower, in-unit parking is accessed by car elevator, aka the Dezervator, named after the building’s developer Gil Dezer. The futuristic amenity whisks residents and their wheels up to their apartment so they can park steps away from the living room.   

The “Dezervators” whisk Porsches up to their units.

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Source: Dezer Development

Dezer has planned a similar automobile elevator for his yet-to-be-built, 63-story Bentley Residences where each home will have multi-unit in-sky parking as well as its own pool.

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The project is being marketed as the tallest beachfront residential tower in America. Among the planned amenities is a fine-dining restaurant, whiskey bar, spa, gym and landscaped gardens.  

A rendering of the automobile elevator planned at the Bentley Residences.

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Bentley Residences

“With every new project, we are always trying to outdo ourselves, so the amenities we imagine have progressively gotten more over-the-top” Gil Dezer told CNBC.

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A rendering of the automobile elevator planned at the Bentley Residences.

Bentley Residences

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The Residences by Armani Casa, which Dezer is also developing alongside Related Group, will deliver 35,000 square feet of amenities including an Armani gym, a two-story spa and interiors designed under the artistic direction of Giorgio Armani with Casa Armani furnishings according to the website.

Rendering of the Residences by Armani Casa

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“The skyline of Sunny Isles Beach features some of the most exciting towers in all of Miami, and it has become a destination where developers can experiment with architecture, branded concepts and amenities,” said Dezer.

The Lagerfeld-designed lobby at the Estates at Aqualina.

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The Estates at Aqualina, developed by The Trump Group (no relation to the former president) includes a lobby designed by the late fashion designer Karl Lagerfeld plus “45,000 square feet of awesome,” according to the residence’s website.

Marketing image of the FlowRider wave simulator.

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Estates at Aqualina

Amenities here range from an ice skating rink to a Formula One race simulator plus a so-called Wall Street Trader’s Club room and a FlowRider surfing simulator — in essence, a wave machine that creates swells for building residents to surf on.

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An image depicitng Aqualina’s so-called Wall Street Trader’s room.

Estates at Aqualina

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A marketing image of Aqualina’s ice skating rink

Estates at Aqualina

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But if they’d rather catch a ride on four wheels, residents can hop in the building’s house-car, which is a bright red Rolls Royce.

Marketing photo of condominium’s red Rolls Royce house-car

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Estates at Aqualina

“Sunny Isles Beach sometimes feels like Dubai meets Vegas on the ocean — in only the best ways,”  Adzem told CNBC.

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According to public records, the neighborhood’s top recent sales included a $27 million deal at the Estates at Aqualina in 2021, which combined two penthouse units at just over $3,100 a square foot, and a $23.5 million penthouse that traded last year at Jade Signature for about $1,840 a square foot. 

The three most expensive listings currently on the market are all also at the Estates at Aqualina: the highest priced is an $85 million residence that spans 15,000 square feet across four stories and delivers seven bedrooms and nine and half baths, according to the Multiple Listing Service.

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The pool and cabanas at Aqualina.

The Estates at Aqualina

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For comparison the average sale price of a luxury condo, representing the top 10% of sales, in Miami Beach was just under $5.4 million, with an average price per square foot of just over $1,960, according to the Q4 2022 Elliman Report.

Here’s a closer look around the $22.5 million residence for sale and some more of the amenities offered at the record breaking Turnberry Ocean Club Residences:

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The grand lobby with views across the pool and ocean.

Turnberry Ocean Club Residences

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At the center of the residence is a formal dining area with four floor-to-ceiling louvered wood panels that can pivot to open or separate the space from the grand salon. The unit is being sold turn-key, including all furnishings, artwork and even the bed sheets, according to Adzem who said, “just bring your sunglasses.”

The residence’s formal dining area.

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Turnberry Ocean Club Residences / Leo Diaz

The kitchen includes three islands and comes equipped with custom Italian-made cabinetry and high-end German appliances.

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The kitchen is equipped with three islands and Italian-made cabinetry.

Turnberry Ocean Club Residences / Leo Diaz

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Off the kitchen a family room overlooks the Intracoastal Waterway, with floor-to-ceiling window panels that slide open to one of the units two balconies.

The family room and adjacent balcony that overloooks the Intracoastal Waterway.

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Turnberry Ocean Club Residences / Leo Diaz

The primary bath features walls and floors clad in white marble with a steam shower that connects his and her baths.

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The marble-clad primary bath and steam shower.

Turnberry Ocean Club Residences / Leo Diaz

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The walk-in closet in the primary bedroom is made by Brazilian design brand Onare and mixes glass, leather and mirrors that appear slightly smoked. The building’s sales executive Otamendi told CNBC the total cost of custom closets through out the entire apartment came to over $350,000.

The primary bedroom’s walk-in closet.

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Turnberry Ocean Club Residences / Leo Diaz

Unit 4803 is being offered with a 250-square-foot oceanfront cabana, which is usually priced at about $1.2 million, according to Otamendi.

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A rendering of one of the Turnberry Ocean Club Residences’ beach front cabanas. The 250 sq ft structure is priced at $1.2 million.

Turnberry Ocean Club Residences

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Adzem told CNBC if the unit sells for its current asking price, real estate taxes plus condo association dues would total more than $500,000 per year.



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Virgin Orbit scrambles to avoid bankruptcy as deal talks continue

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Virgin Orbit’s LauncherOne rocket on display in Times Square, New York.
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CNBC | Michael Sheetz

Virgin Orbit is scrambling to secure a funding lifeline and avoid bankruptcy, which could come as early as this week without a deal, CNBC has learned.
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The rocket builder paused operations last week and furloughed most of the company, as CNBC first reported, while it sought new investment or a potential buyout.

Virgin Orbit CEO Dan Hart and other senior leadership held daily talks with interested parties through the weekend, according to people familiar with the matter, who asked to remain anonymous in order to discuss internal matters.

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During an all-hands meeting last week, Hart told employees that the company hoped to give an update on the situation as soon as Wednesday.

Meanwhile top talent is already hitting the job market: Many of Virgin Orbit’s approximately 750 employees are looking elsewhere for openings. That talent ranges from executives to senior and lead engineers to program managers who are actively searching for and finding new jobs, according to a CNBC analysis.

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While a door remains open to avoiding bankruptcy, people close to the situation describe a sense of panic as the company struggles to get a deal done. One possible buyer balked at a proposed sale price of near $200 million, one person told CNBC — a price just below the company’s market value as of Friday’s close.

At the same time, Virgin Orbit is bracing for a potential bankruptcy filing as soon as this week, one person said. Virgin Orbit hired a pair of firms — Alvarez & Marsal and Ducera Partners — to draw up restructuring plans in the event of insolvency, CNBC has learned. Sky News first reported the firms had been hired.

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A Virgin Orbit spokesperson declined to comment.

Shares of Virgin Orbit have continued to fall since its pause in operations, with its stock slipping to near 50 cents a share in Monday trading.

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The company developed a system for sending satellites into space that uses a modified 747 jet, which drops a rocket from under the aircraft’s wing midflight. Its last mission suffered a midflight failure, and its rocket failed to reach orbit.

Richard Branson’s Virgin Orbit, with a rocket under the wing of a modified Boeing 747 jetliner, takes off for a key drop test of its high-altitude launch system for satellites from Mojave, California, July 10, 2019.

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Mike Blake | Reuters

The company was spun out of Richard Branson‘s Virgin Galactic in 2017 and counts the billionaire as its largest stakeholder, with 75% ownership. Mubadala, the Emirati sovereign wealth fund, holds the second-largest stake in Virgin Orbit, at 18%.

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But the company has struggled to sustain its cash coffers. It went public in December 2021 near the tail end of the SPAC craze and was unable to tap the markets for fundraising in the same way as its sister company Virgin Galactic, which built its cash reserves to more than $1 billion through stock and debt sales.

Virgin Orbit aimed to raise $483 million through its SPAC process, but significant redemptions meant it raised less than half of that, bringing in $228 million in gross proceeds. The funds it did manage to raise came from Boeing and AE Industrial Partners, among others.

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Virgin Orbit has been looking for a financial lifeline for several months. Branson was not willing to fund the company further, people familiar said, and instead shifted strategy to salvaging value.

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Since the fourth quarter, Virgin Orbit has raised $60 million in debt from the investment arm of Branson’s Virgin Group — giving it first priority over Virgin Orbit’s assets. Around the same time, Virgin Orbit hired Goldman Sachs and Bank of America to explore other financial opportunities, ranging from a minority-stake investment to a full sale.

George Mattson, who sits on Virgin Orbit’s board of directors, has been heavily involved in the process of selling the company, people told CNBC. Mattson spent nearly two decades as a banker at Goldman Sachs, before co-founding the SPAC called NextGen, which took Virgin Orbit public at a $3.7 billion valuation.

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Virgin Orbit disclosed in a filing Monday that it had approved a severance plan for top executives, if they are terminated “following a change in control” of the company. The plan covers Hart, as well as Chief Strategy Officer Jim Simpson and Chief Operating Officer Tony Gingiss, and includes paying out base compensation and annual bonuses. In the event of termination, Hart would receive a cash severance equal to 200% of his base salary, which is $511,008, according to FactSet.



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Foot Locker touts ‘renewed’ Nike relationship as it reports slide in holiday-quarter profit

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Foot Locker CEO Mary Dillon on Monday touted a “renewed” and revitalized relationship with Nike, including an emphasis on what she called “sneaker culture.”

Shares of Foot Locker fell more than 2%. The sneaker and athletic-apparel retailer also reported quarterly earnings Monday morning. 

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During the holiday quarter, which ended Jan. 28, Foot Locker posted just under $2.34 billion in sales, slightly lower than a year earlier. Its profit for the period came in at $19 million, or 20 cents a share, compared with $103 million, or $1.02 a share, a year earlier. Excluding one-time items, earnings per share were 97 cents, down from $1.46.

For the current fiscal year, which will include an extra week, Foot Locker expects sales and comparable sales to be down 3.5% to 5.5%, with adjusted earnings per share of $3.35 to $3.65.

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The retailer plans to close about 400 under-performing mall stores but said it will open around 300 new format stores.

Since Dillon took over as chief executive of Foot Locker in September, she’s spent a “great deal of time with Nike revitalizing our partnership” after Nike moved away from wholesale channels to focus on building out direct to consumer sales. 

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“Of course, Nike is our largest brand partner and the leader in the industry. From day one I’ve been welcomed to the industry by John and Heidi and their team,” Dillon said of Nike CEO John Donahoe and Heidi O’Neill, its president of consumer and marketplace.

Dillon, the former chief executive of Ulta, said Foot Locker and Nike have “re-established joint planning, as well as data and insight sharing.” 

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“The fruits of our renewed commitment to one another will begin to show up in holiday this year as we build increasing momentum to 2024 and the 50th anniversary of Foot Locker,” Dillon said. 

For the past several years, Nike has been working to grow its direct to consumer business and with it, cut partnerships with numerous wholesale accounts so it could grow its e-commerce channels and open new stores. 

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However, like other retailers, Nike was stuck with a glut of inventory brought on by pandemic-related supply chain challenges over the last few quarters and relied on those wholesale partners to move that product out. 

During its fiscal-second quarter that ended Nov. 30, Nike’s wholesale revenue was up 19% for the quarter after it’d been effectively flat over the previous several quarters. 

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“We’ve been starving the wholesale channel for six to eight quarters because of supply constraints and so as we had supply constraints, we were prioritizing adequate inventory levels within NIKE Direct and so we’re seeing strong demand as we go back into our wholesale partners with available supply,” Matthew Friend, Nike’s chief financial officer, explained to investors during an earnings call in December.

In January, when asked about Nike’s direct to consumer plans during an interview with CNBC, Donahoe spoke about the importance of an omnichannel model.

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“Our strategic wholesale partners, partners like Dick’s Sporting Goods or Foot Locker or JD, are very, very important because consumers want to be able to try on products, they want to be able to touch and feel,” Donahoe said. “And so we’ve invested in strengthening those strategic relationships.”

While Nike was glad to get rid of that extra inventory during its last quarter, Foot Locker is now dealing with its own glut of shoes and apparel it’s struggling to get off the shelves. At the end of its fiscal fourth-quarter, inventories stood at $1.6 billion, about 30% higher than the year ago period, although down slightly from the fiscal third quarter.

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As part of its new strategy under Dillon, Foot Locker is revisiting its store footprint in a bid to drive revenue and acquire new customers. While it plans to close about 400 underperforming mall stores in North America, it plans to bolster its new format stores from about 120 to more than 400 by 2026.

The new formats include Foot Locker’s community stores, power stores and its house of play concept.

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New Starbucks CEO Laxman Narasimhan takes over nearly two weeks earlier than expected

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Starbucks CEO Howard Schultz, left, with incoming CEO Laxman Narasimhan, Sept. 7, 2022.
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Source: CNBC

Starbucks on Monday said Laxman Narasimhan has officially become CEO, nearly two weeks earlier than expected.
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He’ll lead the coffee giant’s annual shareholder meeting Thursday, marking his first public address as its chief executive.

After being named incoming CEO in September, Narasimhan has spent months learning about Starbucks’ business, including training as a barista. The official transition was expected to happen April 1.

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Before his appointment, he was chief executive of Reckitt, which owns brands like Lysol, Durex and Mucinex. He also previously worked at PepsiCo and McKinsey.

Narasimhan takes the reins from Howard Schultz, who is ending his third stint in the top job.

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“Today, I am entrusting you all with Starbucks – something that holds a place in my heart second only to that of my beloved family,” Schultz wrote in a letter to company leadership that was viewed by CNBC.

Schultz returned nearly a year ago after former CEO Kevin Johnson surprised investors by announcing his retirement.

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This time around, Schultz suspended the company’s buyback program for months, pushed back against baristas’ union plans and announced a new strategy to keep up with how the company’s business has transformed.

Since Schultz returned April 4, Starbucks stock has risen nearly 8%, bringing its market value to $113 billion. The S&P 500, meanwhile, has fallen more than 13% over that time.

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Despite stepping down earlier than anticipated, Schultz is still expected to testify in front of a Senate panel on March 29 about the company’s alleged union-busting activity.

In September, Schultz told CNBC that he’s never planning on coming back as Starbucks’ chief executive again.

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Investors have been putting pressure on the company to make sure that never happens. On Thursday, shareholders will vote on a proposal from SOC Investment Group, which represents pension funds sponsored by unions, that would require the Starbucks board to start succession planning at least three years in advance.



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