Breaking news:
PM Modi Emphasizes Harmony in Eid Greetings, Rahul Gandhi Calls for Peace | Four Chinese Men Detained After Fleeing Bangkok Collapse Site With Documents | PM Modi Makes First Visit to RSS Headquarters Since Taking Office | Trump Says He’s Seriously Considering a Third Term
Logo

Starbucks' New CEO Brian Niccol to Commute 1,600 Kilometers Daily Using Corporate Jet

Brian Niccol, Starbucks’ incoming CEO, will undertake an extensive daily commute from California to Seattle using a corporate jet, while earning a substantial compensation package 

21-08-2024
image
   

Starbucks' incoming CEO, Brian Niccol, will undertake an extraordinary daily commute of 1,600 kilometers from his home in California to the company's headquarters in Seattle starting next month. Niccol, who will use a corporate jet for this extensive travel, is also expected to work from the Seattle office at least three days a week, in line with Starbucks' hybrid work policy introduced in 2023.

At 50, Niccol's compensation package includes a base salary of $1.6 million per year, with performance-based bonuses ranging from $3.6 million to $7.2 million. He is also eligible for annual equity awards valued up to $23 million.

This isn’t Niccol’s first experience with such a long-distance work arrangement. During his tenure as CEO of Chipotle in 2018, he successfully negotiated a similar deal, as Chipotle relocated its headquarters from Denver to California shortly after his appointment.

A Starbucks spokesperson mentioned that Niccol’s role will involve extensive time at the Seattle Support Center and frequent visits to Starbucks’ global operations. This arrangement exceeds the company's standard hybrid work expectations.

High-ranking executives often secure such terms due to their significant negotiating power. For example, Hillary Super, CEO of Rihanna's lingerie brand Fenty x Savage, also negotiated to work from New York City rather than the company’s headquarters in Ohio.

However, not all CEOs benefit from such flexibility. Amazon's Andy Jassy and JPMorgan Chase’s Jamie Dimon are actively promoting a return to traditional office-based work.

The unusual commute arrangement for Niccol highlights Starbucks' recent challenges, including declining sales in its key markets of the U.S. and China. Niccol, noted for his successful turnaround of Chipotle—where he boosted the company's stock by 773%—is seen as a strong candidate to address these issues and rejuvenate Starbucks.

Image

IndiGo Slapped with Rs 944 Crore Tax Penalty, Vows Legal Battle

InterGlobe Aviation, the parent company of IndiGo, has been hit with a ₹944.20 crore penalty by th

Read More
Image

Sam Altman Urges Users to Slow Down as AI-Generated Ghibli Trend Overloads Ch

OpenAI CEO Sam Altman asked users to ease up on AI-generated images after an internet frenzy over Gh

Read More
Image

Prices of Government-Regulated Medicines Set to Rise by 1.7%

The cost of essential medicines, including those for cancer, diabetes, heart conditions, and antibio

Read More