Laxman Narasimhan
VERIZON COMMUNICATIONSAbout Laxman Narasimhan
Independent Director at Verizon since 2021; age 57. Former CEO of Starbucks Corporation (CEO-elect 2022–2023, CEO 2023–August 2024) and CEO of Reckitt Benckiser Group Plc (2019–2022); prior senior roles at PepsiCo (Global Chief Commercial Officer; CEO of Latin America, Europe & Sub-Saharan Africa) and 19 years at McKinsey & Company. Core credentials span leadership of global consumer brands, risk management (including supply chain risk), and strategic transformation and growth initiatives .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Starbucks Corporation | CEO-elect; CEO | 2022–2023; 2023–Aug 2024 | Led global consumer brand; stepped down Aug 2024 |
| Reckitt Benckiser Group Plc | Chief Executive Officer | 2019–2022 | Articulated purpose; strategic transformation; return to sustainable growth |
| PepsiCo, Inc. | Global Chief Commercial Officer; CEO of Latin America, Europe & Sub-Saharan Africa; other roles | 2012–2019 | Managed ~$18B revenue across ~100 countries and 125,000 employees |
| McKinsey & Company | Consultant (consumer, retail, technology practices) | 1993–2012 | Served U.S., Asia, India practices |
External Roles
| Company | Position | Tenure |
|---|---|---|
| Starbucks Corporation | Director | 2023–Aug 2024 |
| Reckitt Benckiser Group Plc | Director | 2019–2022 |
Board Governance
- Committee assignments:
- 2025: Corporate Governance & Policy Committee member; Human Resources Committee member .
- Audit Committee service through December 2024; designated audit committee financial expert during tenure .
- 2024: Audit Committee member; Corporate Governance & Policy Committee member .
- Independence: Board determined Narasimhan is independent; routine business transactions with prior employers (telecom services; Verizon purchases of Starbucks gift cards) assessed as immaterial and not impairing independence .
- Attendance: Board held 9 meetings in 2024; no incumbent Director below 75% meeting/committee attendance; all nine standing for re-election attended the annual meeting . Board held 11 meetings in 2023; no incumbent Director below 75%; all but one attended annual meeting .
- Executive sessions: Independent Directors meet at least twice per year; typically at each regular Board meeting .
- Time-commitment policy: Executive officers of public companies may serve on no more than two public company boards; others no more than four; Audit Committee members no more than two other public company audit committees; Directors are in compliance .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual cash retainer | $125,000 | $125,000 |
| Committee chair fees | N/A (not a chair) | N/A (not a chair) |
| Equity grant (share equivalents, grant-date value) | $210,000 | $210,000 |
| Meeting fees | None | None |
| Total reported | $335,000 | $335,000 |
| Deferral program mechanics | Equity automatically credited to deferred compensation account and invested in a hypothetical Verizon stock fund; cash can also be deferred | Same program and mechanics |
Director stock ownership guideline: 5x the cash component of the annual Board retainer .
Performance Compensation
- Structure: Non-employee Directors receive time-based share equivalents (deferred stock units) credited to the deferral plan; no options and no performance-conditioned PSUs; no meeting fees .
- Clawbacks/hedging: Anti-hedging policy applies to Directors; clawback policies relate to executives and plan awards, with SEC/NYSE/Nasdaq-compliant restatement recovery policy in place .
Other Directorships & Interlocks
| Entity | Relationship to Verizon | Potential interlock/conflict notes |
|---|---|---|
| Starbucks Corporation | Former CEO and Director | Verizon purchased Starbucks gift cards for customers; Board deemed immaterial and not impairing independence . |
| Reckitt Benckiser Group Plc | Former CEO and Director | No related-person transactions disclosed in 2024/2023; none required for disclosure . |
Expertise & Qualifications
- Leadership of complex global consumer-facing businesses; purpose-led brand development .
- Consumer/B2B/retail domain expertise; demand generation for core labels; prior McKinsey consumer/retail/tech practice work .
- Risk management including supply chain risk and pandemic disruption navigation .
- Strategic planning; simplification and operational agility; return to sustainable growth .
Equity Ownership
| Metric | 2023 | 2024 |
|---|---|---|
| Share equivalents held (as of year-end) | 14,745 | 21,219 |
| Ownership vehicle | Verizon Executive Deferral Plan; invested in hypothetical Verizon stock fund | Same |
Matching Gifts Program eligibility (Foundation matches limited charitable gifts) applies to Directors .
Governance Assessment
- Positives:
- Independence affirmed despite immaterial business transactions with former employers; heightened independence criteria satisfied for Audit and Human Resources committee memberships .
- Strong engagement norms: high attendance; frequent executive sessions; director education and assessments .
- Alignment: equity awarded as deferred stock equivalents; robust director ownership guideline (5x cash retainer); anti-hedging policy .
- Watch items / potential conflicts:
- Historical overlap as Starbucks CEO/Director while serving on Verizon’s Board; transactional ties (gift cards) monitored; Board concluded not material .
- Time commitments policy mitigates overload risk; continued monitoring advisable when holding executive roles at other public companies .
- Related-party/red flags:
- No related person transactions required to be disclosed in 2024 or 2023 proxy; insider trading policy in place .