Laxman Narasimhan
Starbucks new CEO Laxman Narasimhan to get a massive Rs 140 crore annual salary
Laxman Narasimhan, who was recently named the CEO of American coffee giant Starbucks, is likely to take a big jump in terms of his pay package, according to various media reports.
Narasimhan will join Starbucks as the CEO on Oct 1, 2022, after relocating from London to the Seattle area, and will work closely with the outgoing CEO Howard Schultz before joining the board on Apr 1, 2023.
According to The Guardian report, his annual payout at Starbucks may go up to a staggering $17.5million (approximately Rs 140 crore) if he hits targets from £6m in 2021 at his previous organisation -- Anglo-Dutch multinational consumer goods company Reckitt.
Narasimhan would also receive a whopping $1.6million cash signing bonus and $9.3million in shares to make up for the lost Reckitt bonuses and up to $50,000 to cover legal fees. He will also have Starbucks private jet at his disposal.
Narasimhan comes with 30 years of experience in consumer-facing global brands. He was the CEO of the health and hygiene company Reckitt, which is the owner of the brands Lysol, and Durex among others. He held various leadership roles at PepsiCo and prior to that, he was a senior partner at McKinsey & Company, a global management consulting firm.
Howard Schultz will continue to be the interim CEO of Starbucks until April next year.
Narasimhan was born in Pune. He studied at Loyola High School in Pashan and St Vincent's High School before going to study in an Engineering college. He has an MA in German and International Studies from The Lauder Institute at the University of Pennsylvania, and an MBA in Finance from the Wharton School at the University of Pennsylvania.
(Laxman Narasimhan | Image Credit: Twitter/Laxman Narasimhan)
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