Starbucks' New CEO to Commute by Private Jet: $113 Million Compensation Package Revealed
Starbucks’ New CEO to Commute by Corporate Jet Between California and Seattle
Starbucks’ newly appointed CEO, Brian Niccol, will be making an unusual commute between his home in Newport Beach, California, and the company’s headquarters in Seattle, Washington. The coffee giant has granted Niccol the use of its corporate jet to facilitate this nearly 1,000-mile journey, as confirmed in his offer letter filed with the Securities and Exchange Commission (SEC) on August 11.
Despite the company’s policy requiring corporate employees to be in the office at least three days per week, a Starbucks spokesperson stated that Niccol will “exceed” these hybrid work guidelines. His primary office will be in Seattle, where he is expected to spend the majority of his time when not visiting other company locations.
To support Niccol’s unique work arrangement, Starbucks has provided a generous compensation package. This includes a $250,000 annual personal travel allowance, reimbursement for temporary accommodation costs in Seattle, and a driver until permanent housing is secured. Additionally, the company will establish a remote office in Newport Beach, complete with an assistant of Niccol’s choosing.
Niccol’s base salary is set at $1.6 million per year, with the potential for substantial bonuses. He is eligible for an annual bonus ranging from more than twice to over four times his salary, depending on company performance. To compensate for leaving his previous role as CEO of Chipotle, Niccol will receive a $75 million equity grant over the next three years, a $10 million signing bonus, and annual stock awards worth up to $23 million starting next year.
The total compensation package could reach an impressive $113 million, potentially making it one of the highest executive deals for a publicly traded company in recent history.
Starbucks has not yet responded to requests for additional comments on this arrangement.
