Tim Cook and Sundar Pichai, the CEOs of Apple and Google, respectively, received attractive compensation packages of about USD 75 million, but this year, Brian Niccol, the new CEO of Starbucks received compensation close to USD 100 million this year.
One of the highest salaries in corporate America, Brian Niccol of Starbucks earned an hefty sum of USD 96 million for four months of work in 2024, according to a Bloomberg report.
Compensation of Starbucks CEO explained
According to the January 24 filing, Niccol's salary included over USD 143,000 (Rs 1.23 crore) for housing expenses, of which nearly 50 per cent were tax-related payments; an additional USD 72,000 (Rs 65.05 lakh) was spent on travel from his southern California home to Starbucks' headquarters in Seattle; and approximately USD 19,000 (Rs 16.37 lakh) was spent on other personal use of company aircraft, according to Bloomberg.
The report also stated that stock awards, which vest over a three-year period and are primarily tied to performance, accounted for approximately 94 per cent of Niccol's compensation.
According to a company filing, Niccol, who started working at Starbucks in early September 2024, received a USD 5 million (Rs 43.05 crore) sign-on bonus following his one-month anniversary, according to the publication.
Reasons behind hiring Brian Niccol
Following a series of sales declines for the coffee chain amid calls for a worldwide boycott and union worker movements in the US, his predecessor Laxman Narasimhan was fired, and he assumed leadership of Starbucks.
While leading Chipotle Mexican Grill Inc., Niccol was called upon to revive the Starbucks company. He was allowed to stay in Seattle, where Starbucks is headquartered, and the company agreed to pay for his use of the company jet and temporary housing expenses in the area.
