On Friday, the coffee giant Starbucks announced the appointment of a new CEO.

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Starbucks has appointed Laxman Narasimhan of Indian origin as the company's new CEO.

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Laxman Narasimhan will be joining Starbuck on October 1st, 2022.

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Narasimhan will replace Howard Schultz as the Starbucks' CEO.

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Narasimhan will work closely with Schultz, who will remain the interim CEO till April 1, 2023.

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Previously, Narasimhan has served as the Chief Commercialisation Officer at PepsiCo.

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Narasimhan was the CEO of Durex condom maker company Reckitt for three years.

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Laxman will receive $1.3 million in annual base salary as the Starbucks' CEO.

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He will also get a cash signing bonus of $1.6 million and $9.25 million as an incentive for his loss in leaving Reckitt Benckiser's job.

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The new Starbucks CEO, Laxman Narasimhan will be eligible for annual equity awards worth up to $13.6 million.

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