Starbucks new CEO Narasimhan to get Rs 140 crore annual salary: Report

New Delhi, Sep 07: Former Reckitt Benckiser CEO Laxman Narasimhan, who recently joined the world's biggest coffee chain Starbucks, will get an annual salary of approximately $17.5 million (Rs 140 crore) if he reaches the target, according to The Guardian's report.

The report said that Narasimhan was getting a 6 million pound (Rs 55 cr) salary annually with Reckitt Benckiser, the Durex to Dettol maker company.

Along with the salary, Narasimhan will get other benefits too with Starbucks. As per the report, UK-based Reckitt Benckiser was valued at 45 billion pounds, while US-based Starbucks is approximately USD 100 billion (£87 billion) in revenue. So Narasimhan's individual rewards will also rise.

Starbucks has nearly 34,000stores across the globe and a five-decade history of success.

Narasimhan is expected to start working as the CEO of Starbucks on October 1, 2022. The next Starbucks CEO will work closely with interim CEO Howard Schultz before formally taking over as the CEO and joining the board on April 1, 2023.

Narasimhan has nearly 30 years of experience in managing and consulting international consumer-facing brands.

He completed his mechanical engineering from Pune University. Narasimhan has served in a number of executive capacities at PepsiCo.

It will be a little tough for Narasimhan to resolve Starbucks' escalating labour relations issues. Starbucks said in a statement that Narasimhan would spend his first few months getting to know staff members from all across the world.

Before joining Reckitt, Narasimhan worked at PepsiCo. He ran its operations in Latin America, Europe and sub-Saharan Africa.

Narasimhan, who has advised the UK prime minister, Boris Johnson, said he could not turn down the chance to return to the US, where he is a citizen.