Newly appointed Starbucks CEO Brian Niccol will commute to Starbucks’ fundamental workplace by way of a company jet 3 times per week. He is not going to relocate to Seattle headquarters and as an alternative, will stay in Newport Seaside, California, in response to his supply letter disclosed in an SEC submitting final week. Beneath the settlement, Niccol will probably be paid a base wage of $1.6 million yearly, with a chance for an annual money bonus starting from $3.6 million to $7.2 million, relying on his efficiency.He may even be eligible for annual fairness awards price as much as $23 million.
Niccol shouldn’t be new to negotiating such preparations; he efficiently negotiated an analogous deal when he turned the CEO of Chipotle in 2018. At the moment, Chipotle was headquartered in Denver, Colorado, whereas Niccol lived in Newport Seaside. Three months after Niccol’s appointment, Chipotle moved its headquarters to Newport Seaside.
Starbucks’ supply letter additionally notes {that a} distant workplace and assistant will probably be arrange for Niccol in Newport Seaside. Regardless of his main residence, Niccol will probably be anticipated to work from the Seattle workplace at the least three days per week, per Starbucks’ hybrid work insurance policies.
“Brian’s main workplace and a majority of his time will probably be spent in our Seattle Help Middle or out visiting companions and clients in our shops, roasteries, roasting services, and places of work all over the world,” a Starbucks spokesperson advised CNBC Make It. “His schedule will exceed the hybrid work pointers and office expectations now we have for all companions.”
Starbucks workers have been required to work from the workplace at the least three days per 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 about to turn into the Chief Government Officer of Starbucks on September 9, 2024, succeeding Laxman Narasimhan. Niccol, who has made a major mark on the meals trade, beforehand served as Chairman and CEO of Chipotle, the place he’ll lead the corporate till August 31, 2024.
Niccol shouldn’t be new to negotiating such preparations; he efficiently negotiated an analogous deal when he turned the CEO of Chipotle in 2018. At the moment, Chipotle was headquartered in Denver, Colorado, whereas Niccol lived in Newport Seaside. Three months after Niccol’s appointment, Chipotle moved its headquarters to Newport Seaside.
Starbucks’ supply letter additionally notes {that a} distant workplace and assistant will probably be arrange for Niccol in Newport Seaside. Regardless of his main residence, Niccol will probably be anticipated to work from the Seattle workplace at the least three days per week, per Starbucks’ hybrid work insurance policies.
“Brian’s main workplace and a majority of his time will probably be spent in our Seattle Help Middle or out visiting companions and clients in our shops, roasteries, roasting services, and places of work all over the world,” a Starbucks spokesperson advised CNBC Make It. “His schedule will exceed the hybrid work pointers and office expectations now we have for all companions.”
Starbucks workers have been required to work from the workplace at the least three days per 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 about to turn into the Chief Government Officer of Starbucks on September 9, 2024, succeeding Laxman Narasimhan. Niccol, who has made a major mark on the meals trade, beforehand served as Chairman and CEO of Chipotle, the place he’ll lead the corporate till August 31, 2024.
