Starbucks next CEO Laxman Narasimhan will take THIS huge amount as his base salary

New Delhi: Indian-origin Laxman Narasimhan will be named as next Chief Executive Officer (CEO) of global coffee company Starbuck corps. He will be joining the company from October 1, 2022, along with Howard Schultz, who will be the interim CEO until April 1, 2023.

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Laxman Narasimhan has joined the growing long list of Indian origin CEOs who are helming the global giants. Alphabet CEO Sundar Pichai, Adobe Shantanu Narayan, Twitter head Parag Agarwal, Microsoft Satya Nadela, IBM head Arvind Krishna are some of them.

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Beginning the new innings with Starbucks corps, Laxman Narasimhan will draw $1.3 million as his annual base salary. He will also get some bonuses to chill down the incentives he will be relinquishing by leaving Reckitt Benckiser. These bonuses are $1.5 million cash signing bonus and $9.25 million value replacement equity grant. Moreover, he will also get annual equity awards equating to $13.6 million, starting from fiscal year 2023.

In the statement, Narasimhan said that he has “been offered an opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family."

"I am humbled to be joining this iconic company at such a pivotal time, as the Reinvention and investments in the partner and customer experiences position us to meet the changing demands we face today and set us up for an even stronger future,” he added.