The incoming head of the world’s largest coffee chain is already facing criticism weeks before his first day. On Aug. 11, newly appointed Starbucks CEO Brian Niccol’s offer letter , thanks to a Securities Exchange Commission (SEC) filing.
The letter outlines Niccol’s stock options, benefits and start date — expected to be Sept. 9 — but it’s his planned supercommute that’s attracting much of the attention. The incoming executive won’t be forced to relocate to Starbucks’ headquarters in Seattle, Washington.
Instead, he’ll be allowed to commute from his home in Newport Beach, California — that’s over 1,000 miles from home. He will have access to the company’s aircraft for business-related travel as required by his position, to travel between his home city and the headquarters, and for personal travel “up to a maximum amount of $250,000 per year,” according to the letter. Niccol accepted Starbucks offer to set up a remote office in Newport Beach and hire an assistant of his choosing to remain in California.
And for up to three months, the coffee conglomerate will cover his temporary housing arrangements in Seattle as well as a driver to transport him as necessary until he secures “permanent secondary housing arrangements.” As outlined in the letter, Niccol will be paid a base salary of $1.6 million per year and has the opportunity to earn an annual cash bonus of 225% to 450% of his salary, meaning he could net an extra $3.
6 million to $7.2 millio.
