Laxman Narasimhan’s primary challenge was to address Starbucks’ escalating labor issues.
Starbucks, the world’s largest coffee chain, recently appointed Laxman Narasimhan as its next Chief Executive Officer (CEO). The current, Guardians said in a report that the company would pay him a sizable salary. If the target is achieved, Mr Narasimhan, who left his position at Reckitt Benckiser to become CEO of Starbucks, will receive an annual salary of around $17.5 million (Rs 140), the store said. Mr Narasimhan’s annual salary with Reckitt Benckiser is £6 million (Rs 55).
The 55-year-old’s new role is an improvement in many ways. Based on Guardians Reportedly, Reckitt Benckiser is valued at £45 billion, while Starbucks has revenue of approximately $100 billion (£87 billion). As a result, Mr. Narasimhan’s personal incentives will also increase significantly.
Starbucks is the world’s largest specialty coffee roaster and retailer, with 34,000 locations globally and a successful five-decade history.
After moving from London to Seattle, Mr. Narasimhan is expected to start work for a coffee company as the upcoming CEO on October 1 of this year. Before officially assuming the position of CEO and joining the board on April 1, 2023, he will work closely with interim CEO Howard Schultz.
Mr. Narasimhan has nearly 30 years of experience in managing and consulting international consumer-oriented brands.
He completed his mechanical engineering at the University of Pune and has held a number of executive positions at PepsiCo, including its global commercial director capacity, where he was in charge of long-term strategy. technology capacity and limitations of the enterprise.
Resolving Starbucks’ escalating industrial relations issues will be one of Narasimhan’s key challenges as the company’s CEO. Starbucks said in a statement that Narasimhan will spend the first few months getting to know employees from around the world.
Mr. Narasimhan is also a trustee to the Brookings Institution, is a director of Verizon, and a member of the Council on Foreign Relations.
