Starbucks' new CEO will start life at the coffee giant with a pay packet that could be worth over $28 million
According tofrom September, Narasimhan will start with a base salary of $1.3 million per year.
He'll also have an annual cash incentive opportunity with a target of 200% of his base salary, or $2.6 million, and a maximum payout of 400% of his base salary, or $5.2 million. Starbucks says he'll also be eligible for annual equity awards with a target value of $13.6 million. In addition, upon starting the job, Narasimhan is also set to receive a $1.6 million cash signing bonus as well as a replacement equity grant with a target value of $9.25 million, made up of performance-based and time-based restricted stock units.Narasimhan is required to relocate to Seattle for the job, for which he can be reimbursed for some expenses, Starbucks said. The coffee chain also wrote in the filing that Narasimhan would be able to use company aircraft for business-related travel.
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