Summary The new Starbucks CEO will not have to relocate to headquarters, with unique travel benefits included in his compensation package. Brian Niccol's new remote work arrangement allows him to commute between Seattle and Newport Beach using company-owned jets. Starbucks' corporate jets, Gulfstream G550s, boast impressive performances with Rolls-Royce engines and upgraded cabins.
On Sunday, August 11, Starbucks officially signed its newest Chief Executive Officer (CEO), Brian Niccol. Starbucks recently made the offer letter public, via a Securities and Exchange Commission (SEC) filing, late last week. This filing reported that Niccol will receive a base salary of $1.
6 million, an annual cash bonus that ranges from $3.6 million to $7.2 million, and the ability to cash in on annual equity awards that can total up to $23 million.
However, the offer letter filed with the SEC also features several other unique characteristics, some of which are not typically seen by CEOs of large companies. A look at the new working arrangements The more Starbucks credits you reload, the more SkyMiles you earn. One feature of the new agreement is that Niccol will not be required to relocate to the Starbucks headquarters, where previous CEOs have worked from.
This means that Niccol's new gig will allow him to work as a hybrid-employee. According to CNBC , Niccol will be able to work remotely from his current house in Newport Beach, California . This means he will need to commute to the Starbucks .