Starbucks' newly appointed CEO Brian Niccol is not required to move to the company's Seattle headquarters when he takes office next month. Instead, Starbucks allowed Niccol to remain at his home in Newport Beach, California, and travel to Starbucks headquarters 1,000 miles away on a corporate jet. This was stated in Niccol's offer letter published in an SEC filing last week.
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In his new role, Niccol, who is 50, will receive a base salary of $1.6 million per year, as well as the opportunity to earn an annual bonus that could reach $7.2 million, depending on his performance. Additionally, he will also be eligible to receive annual equity awards worth up to $23 million.
Niccol also successfully negotiated a similar deal when he became CEO of Chipotle in 2018. At that time, the company was based in Denver, Colorado, while Niccol, who previously served as CEO of Taco Bell, lived in Newport Beach, just a 15-minute drive from Taco Bell's main office in Irvine, California. Chipotle moved its headquarters from Denver to Newport Beach three months after announcing Niccol's appointment.
In the offer letter, Starbucks also noted that it would provide Niccol with a remote office in Newport Beach, complete with an assistant of his choosing. However, when not traveling for work, Niccol is still expected to work from the Seattle office at least three days a week, in accordance with Starbucks' hybrid work policy, a company spokesperson told CNBC Make It.
The spokesperson added, "Brian's main office and the majority of his time will be spent at the Seattle Support Center or visiting with partners and customers in our stores, frying plants, roasting facilities and offices around the world. His schedule will exceed hybrid work guidelines and site expectations work that we set for all partners."
Starbucks employees have been required to work from the office at least three days a week since early 2023.
Niccol's arrangement highlights the huge difference in
negotiating power between high-ranking executives and ordinary employees when
it comes to work flexibility.
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