Starbucks CEO Laxman Narasimhan’s Salary: $17.5 million
SEATTLE, WA – Starbucks which recently named Laxman Narasimhan as its next Chief Executive Officer, a report in The Guardian says, will receive an annual salary of approximately $17.5 million or Rs.140 crore. His yearly salary at his previous employer, Reckitt Benckiser was Rs 55 crore or 6 million pounds.
The new role of the 55-year-old is an improvement in many ways. According to The Guardian, Reckitt Benckiser was valued at 45 billion pounds, while Starbucks is approximately £87 billion in revenue. Due to this, Narasimhan’s individual incentives will also significantly rise.
Starbucks is the world’s largest roaster and retailer of specialty coffee, with 34,000 locations across the globe and a five-decade history of success.
After moving from London to Seattle, Narasimhan is scheduled to start working for the coffee company as the upcoming CEO on October 1 of this year. Before formally taking over as CEO and joining the board on April 1, 2023, he will work closely with interim CEO Howard Schultz.
Narasimhan has nearly 30 years of experience in managing and consulting international consumer-facing brands.
He completed his mechanical engineering from Pune University and has served in several executive capacities at PepsiCo, including that of its global chief commercial officer, where he oversaw the business’s long-term strategy and technological prowess.
Resolving Starbucks’ escalating labor relations issues would be one of Narasimhan’s main challenges as the company’s CEO. Starbucks said in a statement that Narasimhan would spend his first few months getting to know staff members from across the world.
Narasimhan also serves as a trustee for the Brookings Institution, is a director of Verizon, and is a member of the Council on Foreign Relations.