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

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

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

Narasimhan will replace Howard Schultz as the Starbucks' CEO.

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

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

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

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

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.

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