Brian Niccol’s Compensation: Following the announcement of Brian Niccol as the new CEO of Starbucks, the company’s market capitalization surged by 25%. The salary package offered to Niccol has now been revealed, and it’s filled with so many zeros that counting them might exhaust you.
Starbucks CEO Salary:
Just a day ago, Starbucks, the global coffee giant, appointed Brian Niccol as its new CEO to revive its struggling business. Niccol takes over from Laxman Narasimhan, who has been shown the door by Starbucks. The company has now disclosed the details of Niccol’s salary package, which is a staggering $113 million (Rs 9,48,61,57,900).
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Niccol’s $113 million compensation includes a $10 million sign-on bonus, a $75 million equity grant, and an annual grant valued at $23 million. Additionally, he will receive an annual salary of $1.6 million and a cash bonus ranging from $3.6 million to $7.2 million each year.
Additional Perks: Work-from-Home Freedom and More
Beyond the generous salary, Niccol will enjoy several other benefits. According to his offer letter, he isn’t required to be physically present at Starbucks’ Seattle headquarters. He will only need to travel from his home when necessary. Starbucks has also agreed to cover the costs of temporary housing and provide a private driver for his needs in Seattle.
A Remote Office in Newport Beach
Starbucks has also promised to establish a small remote office in Newport Beach for Niccol. He will have access to Starbucks’ planes for travel between his home and the main office, which will be based in Seattle. Additionally, he will benefit from Starbucks’ executive physical program. A Starbucks spokesperson stated, “Brian Niccol has demonstrated himself as one of the most effective leaders in our industry. His salary at Starbucks is directly tied to the company’s performance and the interests of our shareholders. We are confident in his ability to deliver long-term, sustainable value for our partners, customers, and shareholders.”
Who Did Brian Niccol Replace?
Brian Niccol succeeds Laxman Narasimhan, who led Starbucks for 17 months. During Narasimhan’s tenure, the company’s share price declined by 23.9%, and its market capitalization decreased by $32 billion.
