New Starbucks CEO Laxman Narasimhan Likely To Get A Mammoth Rs 140 Crore Salary

Pune University engineering graduate Laxman Narasimhan was recently named as the new CEO of coffee giant Starbucks. And if various media reports are to be believed, Starbucks will provide the new CEO with a massive compensation, who will join the company from October 1st 2022.

According to The Guardian report, the new job will represent a step up for Narasimhan, from a ?45bn company (Anglo-Dutch multinational consumer goods company Reckitt) to one worth nearly $100bn (?87bn), i.e. Starbucks. His compensation too, will witness a big jump, from ?6m in 2021 to a possible $17.5million (approximately Rs 140 crore) annual payout if he hits targets.

globetelegraph

And that¡¯s not all. Starbucks will also pay a $1.6million cash signing bonus and $9.3million in shares to Laxman Narasimhan to make up for the lost Reckitt bonuses. He will also reportedly receive up to $50,000 to cover legal fees, and the Starbucks private jet will be at his disposal.

Narasimhan will become the CEO of Starbucks, which has 34,000 stores worldwide and is the premier roaster and retailer of specialty coffee. He will be relocating from London to Seattle and will work closely with interim head Howard Schultz, before assuming the top role and joining the Board on April 1, 2023.

Also Read: How Coffee Giant Starbucks Also Works As An 'Unregulated' Bank

Narasimhan¡¯s Education & Work Experience

The new CEO Narasimhan brings nearly 30 years of experience leading and advising global consumer-facing brands. Most recently, he served as CEO of Reckitt, an FTSE-12 listed multinational consumer health, hygiene and nutrition company, which houses numerous brands such as Dettol, Durex,Harpic, Strepsils, Mortein etc.

Previously, the mechanical engineering graduate Narasimhan held various leadership roles at PepsiCo, including as global chief commercial officer, where he was responsible for the company's long-term strategy and digital capabilities, as per ET report.

nrn.com

He has also served as CEO of the company's Latin America, Europe and Sub-Saharan Africa operations, and previously as the CEO of PepsiCo Latin America, and the CFO of PepsiCo Americas Foods. Prior to PepsiCo, Narasimhan was a senior partner at McKinsey & Company, where he focused on its consumer, retail and technology practices in the U.S., Asia and India and led the firm's thinking on the future of retail.

Narasimhan holds a degree in Mechanical Engineering from the College of Engineering, University of Pune. 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 of The University of Pennsylvania, the report mentioned.

Also Read: How Pepsi Once Owned The World's Sixth Largest Navy

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