Former Starbucks CEO Laxman Narasimhan’s favorite drink is an espresso macchiato with hot skim milk on the side. Even though he no longer works at the company after getting deposed in favor of Chipotle chairman and CEO Brian Niccol, Narasimhan won’t have any trouble paying for his coffee fix thanks to what should be a generous exit deal.
According to Starbucks’ executive severance plan, Narasimhan stands to get 1.5 to 2 times his $1.3 million salary and target cash bonus as he exits the company. That adds up to about $10.6 million in salary and bonuses, plus $37,620 in Cobra premiums, Ben Silverman, vice president and head of research at insider stock sales platform Verity, told Fortune. Narasimhan joined Starbucks in March 2023 after founder Howard Schultz stepped down as interim CEO for the third time. In 2023, Narasimhan’s total pay package was valued at $14.6 million.
