New Starbucks CEO Brian Niccol to get $1.6 million salary and a private jet for commuting to work

economictimes.indiatimes.com:

Starbucks has announced that Brian Niccol will be the new chairman and CEO, effective September 9, 2024. Niccol, who will succeed Laxman Narasimhan, will start his new role amid a significant leadership transition at the global coffee company. Narasimhan's departure, after just over a year as CEO, has set the stage for Niccol's high-profile appointment.

Record-Breaking Compensation and Remote Work Arrangement

Niccol’s compensation package is one of the most lucrative in recent corporate history. According to a Securities and Exchange Commission filing, Niccol will receive a base salary of $1.6 million annually. Additionally, he will be eligible for cash bonuses ranging from $3.6 million to $7.2 million, depending on performance targets. His equity awards could be worth up to $23 million annually starting in fiscal year 2025, pushing his total potential earnings well beyond $100 million in his first year, if all targets are met.

Notably, Starbucks has agreed to allow Niccol to work remotely from Newport Beach, California, rather than relocating to the company’s headquarters in Seattle. The company will assist in setting up a small remote office in Newport Beach and will provide Niccol with an assistant there. Despite the remote work arrangement, Niccol will be required to commute to Seattle at least three times a week using a corporate jet, adhering to Starbucks’ hybrid work policy.

Niccol’s Proven Track Record

Brian Niccol brings a strong track record of revitalizing companies. Before joining Starbucks, he served