Newly appointed Starbucks CEO Brian Niccol will commute to Starbucks’ fundamental workplace by way of a company jet thrice every week. He is not going to relocate to Seattle headquarters and as an alternative, will reside in Newport Seashore, California, in keeping with his provide letter disclosed in an SEC submitting final week. Below the settlement, Niccol can be paid a base wage of $1.6 million yearly, with a possibility for an annual money bonus starting from $3.6 million to $7.2 million, relying on his efficiency.He will even be eligible for annual fairness awards price as much as $23 million.
Niccol is just not new to negotiating such preparations; he efficiently negotiated the same deal when he grew to become the CEO of Chipotle in 2018. At the moment, Chipotle was headquartered in Denver, Colorado, whereas Niccol lived in Newport Seashore. Three months after Niccol’s appointment, Chipotle moved its headquarters to Newport Seashore.
Starbucks’ provide letter additionally notes {that a} distant workplace and assistant can be arrange for Niccol in Newport Seashore. Regardless of his major residence, Niccol can be anticipated to work from the Seattle workplace at the very least three days every week, per Starbucks’ hybrid work insurance policies.
“Brian’s major workplace and a majority of his time can be spent in our Seattle Help Middle or out visiting companions and clients in our shops, roasteries, roasting amenities, and workplaces world wide,” a Starbucks spokesperson advised CNBC Make It. “His schedule will exceed the hybrid work tips and office expectations we now have for all companions.”
Starbucks workers have been required to work from the workplace at the very least three days every week since early 2023, making this association for Niccol notable. This flexibility highlights the distinction in bargaining energy between senior-level executives and common workers.
Brian R Niccol, a well known American businessman, is ready to develop into the Chief Govt Officer of Starbucks on September 9, 2024, succeeding Laxman Narasimhan. Niccol, who has made a major mark on the meals business, beforehand served as Chairman and CEO of Chipotle, the place he’ll lead the corporate till August 31, 2024.
Niccol is just not new to negotiating such preparations; he efficiently negotiated the same deal when he grew to become the CEO of Chipotle in 2018. At the moment, Chipotle was headquartered in Denver, Colorado, whereas Niccol lived in Newport Seashore. Three months after Niccol’s appointment, Chipotle moved its headquarters to Newport Seashore.
Starbucks’ provide letter additionally notes {that a} distant workplace and assistant can be arrange for Niccol in Newport Seashore. Regardless of his major residence, Niccol can be anticipated to work from the Seattle workplace at the very least three days every week, per Starbucks’ hybrid work insurance policies.
“Brian’s major workplace and a majority of his time can be spent in our Seattle Help Middle or out visiting companions and clients in our shops, roasteries, roasting amenities, and workplaces world wide,” a Starbucks spokesperson advised CNBC Make It. “His schedule will exceed the hybrid work tips and office expectations we now have for all companions.”
Starbucks workers have been required to work from the workplace at the very least three days every week since early 2023, making this association for Niccol notable. This flexibility highlights the distinction in bargaining energy between senior-level executives and common workers.
Brian R Niccol, a well known American businessman, is ready to develop into the Chief Govt Officer of Starbucks on September 9, 2024, succeeding Laxman Narasimhan. Niccol, who has made a major mark on the meals business, beforehand served as Chairman and CEO of Chipotle, the place he’ll lead the corporate till August 31, 2024.
