Starbucks CEO's perks: $113 million salary, private jet...

Starbucks has offered its new CEO a $10 million cash signing bonus and millions of dollars in stock-based compensation to take on the role. Furthermore, the coffee giant has not required the new CEO to relocate to the company headquarters in Seattle.

WILL CONTINUE TO LIVE IN SOUTHERN CALIFORNIA

According to a report in Marketing Türkiye, Brian Niccol, who stepped down as CEO of Chipotle, will be able to continue living in his home in Southern California and will commute to Starbucks' headquarters in Seattle via a corporate jet. This agreement places Niccol in a rare position in the US and demonstrates how determined Starbucks is to bring him on board.

Corporate consultants note that while companies generally prefer their CEOs to reside near headquarters, there are some notable instances where top-level leaders like Niccol live and work elsewhere.

HYBRID WORK

Starbucks stated that while Niccol's main office will be at the headquarters in Seattle, he will also spend time with employees and customers at Starbucks stores, facilities, and offices around the world. The company characterizes this approach by Niccol as a “hybrid” work position.

NEW OFFICE IN CALIFORNIA

The offer letter detailing Niccol's working conditions states that after his start date, the company will establish a small office in Newport Beach, California, and will employ an assistant of Niccol's choosing. Starbucks will also cover the maintenance costs for this office.

WILL RECEIVE A $113 MILLION SALARY

Starbucks made a surprise decision last week by hiring Chipotle Mexican Grill CEO Brian Niccol. This high-level change, which followed poor balance sheet results, led to the dismissal of former CEO Laxman Narasimhan after only 17 months.

Starbucks' new CEO Brian Niccol has signed one of the largest executive agreements in company history and will receive a salary package of up to $113 million (£88 million), which is four times that of his predecessor.

News Source: 12punto