Starbucks, the world’s biggest coffee chain, recently named Laxman Narasimhan as its next Chief Executive Officer (CEO) (CEO). Now, according to a report in The Guardian, the business will pay him a substantial income. If he fulfils his targets, Mr Narasimhan, who left his position at Reckitt Benckiser to become CEO of Starbucks, will receive an annual remuneration of around $17.5 million (Rs 140 crore), the outlet reported. Reckitt Benckiser paid Mr. Narasimhan a yearly salary of 6 million pounds (Rs 55 cr).
The new function of the 55-year-old is an improvement in many ways. The Guardian reported that Starbucks generates almost $100 billion (£87 billion) in revenue, while Reckitt Benckiser was valued at 45 billion pounds. Due to this, Mr Narasimhan’s individual incentives will also significantly rise.
Starbucks, which has 34,000 outlets worldwide and a five-decade track record of success, is the largest roaster and retailer of speciality coffee in the world.
On October 1 of this year, Mr. Narasimhan is slated to begin working for the coffee company as the next CEO after relocating from London to Seattle. He will collaborate extensively with acting CEO Howard Schultz before officially taking over as CEO and joining the board on April 1, 2023.
Nearly 30 years of experience managing and advising global consumer-facing brands have been accumulated by Mr. Narasimhan.
At PepsiCo, he has held a number of executive positions, including that of global chief commercial officer, where he was in charge of the company’s long-term strategy and technological prowess. He received his mechanical engineering degree from Pune University.
One of Mr. Narasimhan’s primary concerns as the company’s CEO would be to address Starbucks’ rising labour relations problems. Mr. Narasimhan would spend his first several months getting to know staff members from all across the world, according to a statement from Starbucks.
In addition, Mr. Narasimhan is a director of Verizon, a trustee for the Brookings Institution, and a member of the Council on Foreign Relations.