Brian Niccol, the newly appointed CEO of Starbucks, is set to take his new role this September but with a surprising twist. This new CEO will not be relocating to the company's headquarters in Seattle, Washington instead he will be commuting a distance of around 1,600 kilometers which is approximately 1,000 miles from his residence in California to Seattle.
This arrangement was outlined in the company’s offer letter to Niccol and filed with the U.S. Securities and Exchange Commission (SEC).
The perks of power?
As per the SEC filing, the new Starbucks CEO is offered a base salary of USD 1.6 million per year (approx. 13.42 crore as of the current value), in addition, he will also have an opportunity to earn a bonus ranging from USD 3.6 million to USD 7.2 million (ranging around Rs 30-60 crore in INR).
Apart from this, he will also have the opportunity and is eligible for an additional equity award of USD 23 million ( approx. Rs 193 crore).
Although the financial compensation is eye-catching but the real headline here is the commuting arrangement. Niccol will be allowed to use Starbucks’ corporate jet to travel between California and Seattle three times a week. Moreover, the coffee giant has agreed to create a small remote office for him in Newport Beach, California.
As per multiple reports, Niccol is expected to work three times a week according to the company’s hybrid work policy.
Netizens Reaction
Many users on social media platforms posted on the surprising commuting arrangement of Starbucks’ new CEO.
An X user on the social media platform wrote, "He will use the corporate jet! And climate change pundits are fine with it!"
Another user added, "Green is about what the little people should do, it doesn’t apply to those at the top."
"Figured he'd want to move for income tax benefits. I guess at a certain point it doesn't matter," wrote an X user.
