Starbucks CEO Laxman Narasimhan may get $17.5 million annual payout. Salary details inside

Laxman Narasimhan will relocate from London to Seattle, to join Starbucks as their incoming CEO.

Laxman Narasimhan, who left his position at Reckitt Benckiser to join Starbucks as its CEO, is likely to earn about $17.5 million in annual payout if he reaches his targets. In comparison, his annual payout with Reckitt Benckiser last year was £6 million.

The new position is a step up for the 55-year-old Indian American in more ways than one. Starbucks is an almost $100 billion (£87 billion) company while Reckitt Benckiser was valued at £45billion, according to a report in The Guardian. As a result, there will be a significant increase in Narasimhan's personal rewards as well.

Apart from the annual payout, Laxman Narasimhan will receive a $1.6 million signing bonus and $9.3 million in shares to make up for the Reckitt Benckiser bonuses that he had to give up. Starbucks will also provide him up to $50,000 to cover legal fees besides making its private jet available at Narasimhan's disposal, The Guardian reported.

While taking up the new position at Starbucks, Narasimhan, who has been an advisor for former UK Prime Minister Boris Johnson, said he could not refuse the opportunity to return to the US, where he is a citizen.

Narasimhan had grown up in India, before moving to the US for higher education and studying at the University of Pennsylvania’s Wharton School. He then joined global management consultancy McKinsey before working with PepsiCo and Reckitt Benckiser.

As the CEO of Starbucks, one of Narasimhan's biggest challenges would be to resolve the growing labour relations problems in the company. In a statement, Starbucks said Narasimhan would spend his first few months meeting employees from around the world.