Starbucks announced that it will offer new CEO Brian Niccol roughly $113 million in total compensation. This includes a $10 million sign-on bonus, a $75 million equity grant and a grant that could be worth $23 million per year in addition to an annual $1.6 million salary and an annual cash bonus that could range from $3.6 million to $7.2 million.
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Brian Niccol to work remotely?
Yes, his offer letter states that he will not have to relocate to the company’s headquarters in Seattle although he will commute from his residence as necessary. Starbucks has also agreed to cover the cost of any temporary housing arrangements and a personal chauffeur to drive Niccol in Seattle.
Starbucks also promised him it would establish a small remote office in Newport Beach and he can use Starbucks’ plane to travel between his house and HQ and his primary office will be in Seattle. He will also get access to Starbucks’ executive physical program.
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Starbucks spokesperson said in a statement, “Brian Niccol has proven himself to be one of the most effective leaders in our industry, generating significant financial returns over many years. His compensation at Starbucks is tied directly to the company’s performance and the shared success of all our stakeholders. We’re confident in his ability to deliver long-term, enduring value for our partners, customers and shareholders.”
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Who is Brian Niccol replacing?
{{/usCountry}}Starbucks spokesperson said in a statement, “Brian Niccol has proven himself to be one of the most effective leaders in our industry, generating significant financial returns over many years. His compensation at Starbucks is tied directly to the company’s performance and the shared success of all our stakeholders. We’re confident in his ability to deliver long-term, enduring value for our partners, customers and shareholders.”
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Who is Brian Niccol replacing?
{{/usCountry}}Brian Niccol is replacing departing CEO Laxman Narasimhan who led the company for 17 months during which the company's share price declined by 23.9% leading to a $32 billion drop in market capitalisation.