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Brian Niccol has been awarded $96 cardinal successful compensation successful 2024 conscionable 4 months aft helium joined Starbucks arsenic CEO. (Photo: LinkedIn/@Brian Niccol)
Starbucks Corporation has awarded its Chief Executive Officer, Brian Niccol, a staggering $96 cardinal successful compensation past twelvemonth conscionable 4 months aft helium joined the java concatenation giant. He bushed heavyweights similar Alphabet CEO Sundar Pichai and Apple’s Tim Cook who some made astir $75 cardinal past year.
About 94 per cent of Niccol’s net came from banal awards, with the bulk tied to show metrics and the remainder vesting implicit a three-year period. Niccol, 50, who joined Starbucks successful September 2023 from Chipotle Mexican Grill, besides received a $5 cardinal sign-on bonus conscionable a period into his role, arsenic revealed successful institution filings.
“Brian Niccol is simply a highly sought-after, effectual person with a proven way record,” the institution stated successful its filing, Bloomberg reported.
Brian Niccol’s extended perks astatine Starbucks
Niccol’s accomplishment followed a challenging play for Starbucks, which had ousted its erstwhile CEO Laxman Narasimhan aft consecutive diminution successful sales. Tasked with revitalising the java chain, Niccol was fixed an extended deal. He was not required to relocate to the company’s Seattle headquarters, a concession that has drawn attention.
Instead, the institution agreed to screen impermanent lodging costs, idiosyncratic travel, and the use of a firm jet for his 1,600-kilometre commute betwixt his California location and Seattle.
Starbucks spent implicit $143,000 connected Niccol’s lodging expenses, including tax-related payments, and $72,000 for flights betwixt California and Seattle. Additional idiosyncratic usage of the institution pitchy amounted to $19,000. Starbucks’ hybrid enactment policy, implemented successful 2023, requires Niccol to beryllium successful the Seattle bureau astatine slightest 3 days a week, adjacent during travel-heavy weeks.
Niccol’s penchant for unconventional enactment arrangements is not new. As CEO of Chipotle successful 2018, helium negotiated a akin deal, overseeing the company’s office relocation from Denver, Colorado, to California soon aft his appointment.
Bloomberg estimates spot Niccol’s full yearly wage bundle astatine $113 million, catapulting him into the apical 20 highest-paid CEOs worldwide. His compensation includes a basal wage of $1.6 cardinal (approximately Rs 13.4 crore), imaginable currency bonuses ranging from $3.6 cardinal to $7.2 million, and equity awards valued astatine up to $23 million.
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