Laxman Narasimhan has joined the renowned coffeehouse company Starbucks as its new Chief Executive Officer, effective from March 2023. He joined the company as the incoming CEO in October of the last year and has been in a full-time CEO role since March. Before joining Starbucks, Narasimhan had worked with other notable companies like PepsiCo, Reckitt, McKinsey, and others. At all these companies, he has held important positions such as Chief Commercial Officer (CCO), CEO, and Director. Earlier, Laxman was set to become CEO in April 2023 but he filled the position nearly two weeks earlier than that. According to sources, he is getting paid handsome compensation for his role with Starbucks. Laxman Narasimhan’s net worth in 2023 is estimated to be around $25 million and is expected to grow even more with his new role.
Laxman Narasimhan Salary & Net Worth 2023
As the CEO of Starbucks, Narasimhan’s annual payout is going to be around $17.5 million including variables. He will receive an initial base salary of $1.3 million per year, and an annual cash incentive equal to 200 percent of his base salary. Other than this, Starbucks will pay a $1.6 million cash signing bonus along with $9.3 million in shares.
|Net worth (as of 2023)||$25 million (est.)|
|Net worth in rupees||Rs. 200 crores (est.)|
|Total compensation||$1.3 million (base salary) + $1.6 mn (signing bonus) + $9.3 mn (shares)|
Laxman Narasimhan Personal Biography
Laxman Narasimhan was born on 15 May 1967 in Pune, India to a middle-class family. His mother was a teacher and his father was a businessman who supplied mechanical parts to the US but wasn’t doing very well. He had an elder brother and sister, both of whom died at an early age. Laxman holds a B.Tech degree in mechanical engineering from the College of Engineering, Pune. He has also done MA in German and International Studies from The Lauder Institute at the University of Pennsylvania, and an MBA in Finance from the Wharton School at the University of Pennsylvania.
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Narasimhan is married and lives in Greenwich, Connecticut with his wife, mother, and two children. His father has passed away.
|Full name||Laxman Narasimhan|
|Years active||1993 – present|
|Date of birth||15 May 1967|
|Place of birth||Pune, India|
|Education||College of Engineering, Pune (B.Tech) University of Pennsylvania (MA, MBA)|
Laxman Narasimhan Career Highlights
Narasimhan started his career in 1993 with McKinsey and stayed with the company for 19 years. At the time of his resignation in 2012, he had been promoted to the Director of the company. Narasimhan then joined PepsiCo Americas Foods and in 2014 he became a part of the PepsiCo company. With PepsiCo, he held multiple leadership roles including the global Chief Commercial Officer. He also served as CEO of the company’s Latin America, Europe, and Sub-Saharan Africa operations, and CEO of PepsiCo Latin America.
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In September 2019 Narasimhan succeeded Rakesh Kapoor as CEO of Reckitt Benckiser but resigned unexpectedly in September 2022. At the same time, Starbucks announced that Narasimhan will become the company’s next CEO, succeeding Howard Schultz, the CEO, and founder of the company.
|Starbucks||CEO||Seattle, Washington, United States||Mar 2023 – Present (1 month)|
|Incoming CEO||Oct 2022 – Present (6 months)|
|Verizon||Member Board Of Directors||New Jersey, United States||Jun 2021 – Present (1 yr 10 months)|
|The Nature Conservancy Latin America Conservation Council||Member Board Of Directors||Latin America||Jan 2018 – Jun 2019 (1 yr 6 months)|
|The Brookings Institution||Member of the Board of Trustees||Washington, District Of Columbia||Jun 2016 – Present (6 yrs 10 months)|
|Reckitt||CEO||Slough, Berkshire, United Kingdom||Jul 2019 – Oct 2022 (3 yrs 4 months)|
|PepsiCo||Global Chief Commercial Officer||Purchase, New York||Mar 2019 – Jul 2019 (5 months)|
|CEO Latin America, Europe, and Sub-Saharan Africa||Jul 2017 – May 2019 (1 yr 11 months)|
|CEO Latin America||Jul 2015 – Jul 2017 (2 yrs 1 month)|
|CEO Latin America Foods||Greater New York City Area||Sep 2014 – Aug 2015 (1 yr)|
|PepsiCo Americas Foods||SVP CFOSVP CFO||————||2012 – Sep 2014 (2 yrs 9 months)|
|McKinsey & Company||Director||————||1993 – 2012 (19 yrs)|
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Rs. 200 crores (approx.)
German, English, Hindi, Spanish, and Marathi
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