Starbucks' new CEO will supercommute 1,000 miles from California to Seattle
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.
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.
Niccol successfully negotiated a similar deal when he became the CEO of Chipotle in 2018.
At the time, the fast-casual chain was headquartered in Denver, Colorado, and Niccol — who served as CEO of Taco Bell before his stint at Chipotle — lived in Newport Beach, 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.
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