Starbucks, the largest coffee chain in the world, just named Laxman Narasimhan as its next CEO (CEO). Now, according to a report in The Guardian, the company will pay him a substantial income. According to the outlet, Mr. Narasimhan, who left Reckitt Benckiser to take the CEO job at Starbucks, will make about $17.5 million (about Rs. 140 crore) per year if he meets his goals. Reckitt Benckiser paid Mr. Narasimhan a yearly salary of 6 million pounds (Rs 55 cr).
In many ways, the 55-year-new old’s position is an upgrade. The Guardian reported that Starbucks generates almost $100 billion (£87 billion) in revenue, while Reckitt Benckiser was valued at 45 billion pounds. Mr. Narasimhan’s personal incentives will consequently greatly increase.
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.
