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Digital Desk:
Narasimhan is required to begin on October 1, 2022, by relocating from London to Seattle, where the company is headquartered...
Digital Desk: The global coffee giant Starbucks has appointed Indian-born Laxman Narasimhan as its new CEO, replacing Howard Schultz, who will continue as the company's interim CEO until April 2023. Narasimhan is required to begin on October 1, 2022, by relocating from London to Seattle, where the company is headquartered.
Previously, the 55-year-old worked for the UK-based Reckitt Benckiser Group Plc, which produces Lysol and Enfamil infant formula. According to Schultz, the Starbucks company is now "uniquely positioned" to be led by him. "As I had the chance to get to know him, it has become evident that he shares our enthusiasm for investing in mankind and for our dedication to our partners, consumers, and communities," he said in a statement.
According to a regulatory filing, Narasimhan's base salary will be $1.3 million per year. In addition, he will receive a replacement equity grant with a target value of $9.25 million and a cash signing bonus of $1.5 million to make up for the incentives he will lose by leaving Reckitt Benckiser. He will also be eligible for annual equity awards totaling $13.6 million beginning in the fiscal year 2023.
"Starbucks' commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivaled, globally admired brand that has transformed the way we connect over coffee. 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," Narasimhan said.
The company's stock barely moved in after-hours trade, gaining less than 1%. They are now down 24% since Schultz took over as interim CEO.
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