Starbucks New CEO to Fly 1,000 Miles: The new CEO of Starbucks, Brian Niccol, won’t have to move to the company’s offices in Seattle when he starts his job next month.
The new CEO’s offer letter, which was made public last week by the SEC, says that Niccol can stay at home in Newport Beach, California, and take a corporate jet to work at the company’s main office, which is 1,000 miles away.
Niccol, who is 50 years old, will get a base salary of $1.6 million a year in his new job. He could also get an annual cash bonus of $3.6 million to $7.2 million, based on how well he does. Besides that, he could get up to $23 million in yearly equity awards.
Also Read: Manchester City 2-0 win over Chelsea, Haaland reacts to 100th games appearence for Man City
Niccol was able to get a similar deal done when he became CEO of Chipotle in 2018.
Chipotle was based in Denver, Colorado, at the time, and Niccol lived in Newport Beach, California, which is only a 15-minute drive from Taco Bell’s main office in Irvine, California. Niccol had been CEO of Taco Bell before his time at Chipotle. Three months after Niccol was hired, Chipotle moved its home from Denver to Newport Beach.
Starbucks also says in the offer letter that it will set up a remote office in Newport Beach for Niccol and give him the choice of a helper.
Also Read: Pumpkin Spice Returns: Starbucks & Dunkin’ Donuts Set for Thursday Launch, Leaked Menus Reveal
A Starbucks spokesperson told CNBC Make It that Niccol will still be expected to work from the Seattle office at least three days a week when he is not traveling for work. This is in line with the company’s hybrid work practices.
This person said, “Brian’s main office and most of his time will be spent in our Seattle Support Center or visiting partners and customers in our stores, roasteries, roasting facilities, and offices around the world.” “His schedule will go beyond the hybrid work rules and expectations we have for all partners at work.”
Staff at Starbucks have had to work from home at least three days a week since the beginning of 2023.
When it comes to flexibility, Niccol’s arrangement shows how much more powerful leaders are in negotiations than the average worker.
Also Read: Andrew Tate House Got Raided in Romania: Alleged Crime against Minors
