Potentially massive pay package for Starbucks new CEO, and he doesn't even have to move to Seattle
Incoming Starbucks CEO could make well in excess of $100 million in his first year with the company under an incentive-laden contract, and he will not be required to relocate from his home in California to Seattle, the home of the global coffee giant
Incoming Starbucks CEO could make well in excess of $100 million in his first year with the company under an incentive-laden contract, and he will not be required to relocate from his home in California to Seattle, the home of the global coffee giant.
Starbucks announced on Tuesday that Brian Niccol would become its chairman and CEO, taking over from Laxman Narasimhan, who stepped down abruptly after spending a little more than a year as the company's top executive. Niccol will become Starbucks’ chairman and CEO on Sept. 9.
Niccol is among the mostly highly sought after corporate executives after establishing a track record of success in turning around companies that have hit a rough patch, including Taco Bell and, most recently, Chipotle.
Niccol took the top job at the California chain in 2018 when Chipotle was being roiled by a series of foodborne illness outbreaks that had sickened more than 1,000 of its customers over several years.
Revenue at Chipotle has nearly doubled since his arrival after he energized product innovation and at the same time, instituted employee benefits like a program that pays employees’ college tuition costs at certain schools.
Starbucks is counting on Niccol to revive fading sales and re-establish the company as a destination where customers are willing to pay premium prices for its products.
In a filing with the Securities and Exchange Commission late Wednesday, Starbucks said that the 50-year-old Niccol will receive a cash signing bonus of
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