Newly appointed Starbucks CEO Brian Niccol won’t be required to relocate to the company’s headquarters in Seattle when he joins the coffee giant next month.
Instead, Starbucks says Niccol can live in his home in Newport Beach, California and commute to Starbucks’ head office 1,000 miles away on a corporate jet, according to the new CEO’s offer letter, which was made public in an SEC filing last week.
In his new role, Niccol, 50, will be paid a base salary of $1.6 million annually and has the opportunity to earn an annual cash bonus that could range from $3.6 million to $7.2 million depending on his performance. He will also be eligible for annual equity awards worth up to $23 million.
Oh cool, more corporate waste…
The climate crisis could be solved with probably just a single guillotine.
Axes are more portable, and the turn around rate is faster. Just saying.
I’m intrigued by both of your suggestions and wish to subscribe to your newsletters.
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Starbucks is anti-climate pass it on.
This is really going to go a long way to make up for all the lost pollution from all the folks that started working from home recently
I have no idea who this guy is.
And already I hate him.
I bet he won’t be fired if his plane is delayed 20 minutes. Unlike a barista who got stuck in traffic.
“if this is my commute, there’s no reason for anyone to be remote”
Psssst… Starbucks… You’re doing it wrong.
CARBON: 50 percent reduction in greenhouse gas emissions in Starbucks direct operations and value and supply chain.
A few questions here:
- Why the fuck does Starbucks have a corporate jet? I know they’re a global company, but surely the CEO doesn’t need to be abroad that often?
- Why would a company subsidise travel for a CEO to the tune of (likely) as much as he would get paid in a salary? If I were to tell my employer “I want to supercommute it’ll cost you $100k” I’d be laughed out. Hell, if I asked for $100 I’d probably be laughed out of the room…
Jets aren’t even remotely cheap to run. They cost millions, they cost tens of thousands to operate, and that doesn’t include personnel costs or costs regarding runway rental or the kind of shit a CEO would need while in the air.
When he is not traveling for work, however, Niccol will still be expected to work from the Seattle office at least three days a week in alignment with Starbucks’ hybrid work policies, a company spokesperson tells CNBC Make It.
Supercommute sounds like a fancy way to say he can just rent or buy a luxurious place in Seattle to stay during the week.
This commute is just salary… the CEO should at least be charged the cost of the travels as income and taxed accordingly.
I’m surprised by this because what rich guy wouldn’t want to shift his income from a state with one of the highest if not the highest tax rate at his level of income to a state with no income tax?
It doesn’t matter that the income will be sourced in Washington. He lives in California, and by that, the franchise tax board is hyper aggressive in getting their cut.
Note that the equity awards mentioned are taxable as well.
Going to need a shit load of frappuccinos
