Simply days after Starbucks introduced that it’s tapping Chipotle CEO Brian Niccol because the espresso chain’s new CEO, Starbucks is setting the document straight on his commuting expectations.
Starbucks is not going to require Niccol to work within the firm’s workplace in Seattle when he begins his new job in September. As an alternative, he’ll have a distant workplace setup in Newport Seaside, California, the place Chipotle’s headquarters and Niccols are at the moment situated.
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The 2 cities are roughly 1,000 miles away from one another.
Bloomberg reported that the pliability of distant work was an enormous a part of the draw when poaching Niccol.
Niccol could have an workplace in Starbucks’ Seattle HQ for visits, and the corporate pays for housing prices for 3 months whereas Niccol finds secondary housing in Seattle. Ought to he resolve to maneuver out of California and to Seattle full-time, Starbucks will reimburse him for relocation bills.
Starbucks additionally disclosed Niccol’s profitable pay package deal in a submitting on Wednesday, which states that he’ll obtain a $10 million signing bonus and $75 million Starbucks inventory. His base wage yearly will probably be $1.6 million with the chance to earn each $23 million in share-based bonuses annually and a further $3.6 million money bonus.
Ought to every little thing vest in Niccol’s favor, he might earn over $113 million in his first 12 months alone.
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“I’m excited to affix Starbucks and grateful for the chance to assist steward this unimaginable firm, alongside a whole lot of 1000’s of devoted companions,” Niccol mentioned in a Starbucks investor launch on Tuesday. “As I embark upon this journey, I’m energized by the large potential to drive progress and additional improve the Starbucks expertise for our clients and companions, whereas staying true to our mission and values.”
Niccol made an estimated $22.5 million at Chipotle in 2023.
