Global coffee chain Starbucks recently named Laxman Narasimhan its next Chief Executive Officer (CEO). And if reports are to be believed, Laxman Narasimhan is likely to earn about $17.5 million in annual payout if he reaches his targets. In comparison, his annual payout with Reckitt Benckiser last year was £6 million.
Reckitt Benckiser was valued at £45 billion, while Starbucks is approximately $100 billion (£87 billion) in revenue. He is scheduled to start working for Starbucks as the upcoming CEO on October 1 this year. Before formally taking over as Chief Executive Officer (CEO) and joining the board on April 1, 2023, he will work closely with interim CEO Howard Schultz. Howard Schultz, 69, will continue as interim CEO until April 2023. Schultz’s net worth is estimated at $3.4 billion.
Apart from the annual payout, Laxman Narasimhan will also receive a $1.6 million signing bonus and $9.3 million in shares , to make up for the incentives he will be forfeiting by bidding adieu to Reckitt Benckiser.
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