Starbucks is the world’s largest coffee chain. Recently announced Indian origin Laxman Narasimhan as the next Chief Executive Officer (CEO) of the company. Now “The Guardian” reported in a report that the company will pay him a hefty salary.
According to the news, if Laxman can fulfill his goal, then he will get an annual salary of about 1 crore 75 million US dollars from Starbucks. In Indian currency it is about 140 crore rupees. 167 crores in Bangladesh currency.
Laxman earned an annual salary equivalent to Rs 55 crore at his previous workplace, multinational company Reckitt Benckiser. That is, he will earn almost three times more annually in the new workplace.
The 55-year-old Laxman’s new role is seen as an improvement for him in many ways. Starbucks is the world’s largest roaster and specialty coffee retailer. The company has 34 thousand stores worldwide.
The company has a history of five decades of success
Laxman has to travel from London, UK to Seattle, USA to join Starbucks. He will start working as the CEO of the company from October 1.
- Laxman has nearly 30 years of experience in international brand management and consulting. Laxman was born and brought up in Pune, India.
- He did Mechanical Engineering from College of Engineering, Pune. Later he did his MA from the University of Pennsylvania, USA. The subject was ‘German and International Studies’. MBA in Finance from Wharton School of the same University.
- Laxman started his career by joining McKinsey. He was here for about 19 years. He joined PepsiCo in 2012. He served in various key executive positions at PepsiCo.
One of Laxman’s main challenges as CEO of Starbucks will be addressing the company’s growing labor relations problems. Laxman will spend his first few months on the job getting to know the company’s employees around the world, Starbucks said in a statement.