It was recently revealed that Starbucks has changed its leader for the fourth time in three years. Brian Niccol, who was lured from Mexican fast-food chain Chipotle, will take over the company starting in September. cnbc He says the new CEO won’t have to leave his California home to tour the coffee giant’s Seattle headquarters. Nichol can commute between his new job and Newport Beach on a private jet, which the company pays for. He got the paper Offer letter Accordingly, the company not only reimburses the trip of more than 1,600 kilometers, but also reimburses the costs of your temporary accommodation in Seattle and the costs of your driver. The distance of 1,600 kilometers between the Starbucks center and your home in California can be seen on the map below.
Nicol will also serve as chairman of the company’s board of directors under the proposal, and his monthly base salary is $1.6 million, or roughly 565 million Hungarian forints. He can also claim a cash bonus, ranging from $3.6 million to $7.2 million depending on his performance. He is also eligible to share in a $23 million prize pool. Starbucks is also providing him with an office in Newport Beach and an assistant of his choosing. But a company spokesperson told CNBC that Nicol will have to abide by the company’s hybrid work policy and work three days a week in the Seattle office.
“Brian will be headquartered in our Customer Service Center in Seattle, where he will spend most of his time visiting our partners and customers at our stores, roasteries, roasting plants and offices around the world.”
“His agenda will go beyond the hybrid work guidelines and workplace expectations we have for all of our partners,” the spokesperson said. Starbucks’ 2024 results have been particularly weak so far, which is why they wanted to appoint Nicole to head the company. Incidentally, since 2023, the company’s employees have been required to work in the office three days a week.
The paper notes that Niccol also struck a good deal in 2018 when he became CEO of Chipotle. At the time, he managed to convince the fast-food chain to move its headquarters from Denver, Colorado, to Newport Beach three months after he was hired. Before Chipotle, Niccol ran the Mexican chain Taco Bell, which was just a 15-minute drive from his home.
It’s increasingly common for CEOs at large companies to operate under more flexible terms than regular employees. For example, Victoria’s Secret’s newly appointed CEO, Hilary Soper, will work out of the company’s New York office and will only travel to the lingerie brand’s headquarters in Ohio when necessary.
