Laxman Narasimhan gets $8.8M to be the new Starbucks' CEO

Starbucks will pay CEOs millions in 2022 to work only a quarter of the year. Yet, the company's interim CEO, who oversaw the revamp, paid $1.

According to federal securities filings, Starbucks' interim CEO Howard Schultz received a symbolic pay of $1 to take over and revamp the company's operations.

But his replacement received $8.8 million in bonuses to accept the job. Laxman Narasimhan received a $1.6 million sign-on prize and $7.2 million in stock awards. He was named "CEO elect" in October and will assume a full-time position later this year.

Laxman Narasimhan is an indian-american business executive born on May 15, 1967. before being appointed as CEO of Starbucks, he has worked in companies like PepsiCo and Reckitt. He has lived in Pune. He is married and has two children.

6 surprising facts about Laxam Narasimhan you didn't know

Here are six facts about the new CEO of a coffee giant around the world-STARBUCKS-

1. Laxman has over 30 years of experience in the restaurant, e-commerce, business and retail industries, which makes him the best choice.
2. The Indian-origin CEO was previously the CEO of RECKITT, a multinational hygiene, nutrition and consumer health company. He worked incredibly during a pandemic, came up with new initiatives and launched new programs during his term.
3. Laxman Narasimhan also had various executive ranks at PepsiCo. He served as the company's CEO of PepsiCo's Europe, Latin America, and Sub-Saharan Africa operations, as a global chief commercial officer, as CFO of PepsiCo Americas Foods and also as CEO of PepsiCo Latin America.
4. He has also worked for 19 years at McKinsey & Company. He also served as an adviser to various companies in the industry of healthcare, consumer products, hygiene and retail.
5. His qualification includes a Master of Arts in German and International Studies from the Lauder Institute, The University of Pennsylvania, a degree in Mechanical Engineering from Pune university, and an MBA degree in Finance from The Wharton School of The University of Pennsylvania.
6. He is fluent in six languages and serves as a trustee, a member of Verizon's Board of Directors, Brookings Institution, and as UK Prime Minister's Build Back Better Council.

Also, read why Starbucks choose Laxman Narasimhan.