Starbucks CEO Brian Niccol, who will join the coffee brand in September, will commute nearly 1,000 miles from his home in California to the company’s headquarters in Seattle, Washington, according to the company’s offer letter to the executive. with the US Securities and Exchange Commission (SEC) on August 11.
The offer letter to Niccol also states that the government could have get admission to to the organization’s corporate jet, which he might be capable of use on the enterprise’s rate to tour from his town of house to the company’s headquarters, together with other employer journey, the filing said.
Brian Niccol is expected to join Starbucks as CEO on September 9, according to Starbucks.
Starbucks also emphasized in the offer letter that the company’s CEO would not have to relocate to Seattle, Washington, as Niccol agreed to commute daily from his residence to the office. The company is also looking to create a small remote office for the boss in Newport Beach, Calif, Starbucks said in a filing.
“Brian’s primary office and spends most of his time in our support center in Seattle or visiting partners and customers in our stores, roasters, roasters and offices around the world. His schedule will exceed the hybrid work guidelines and workplace expectations we have for all associates,” CNBC reported, citing a Starbucks spokesperson.
Also Read
- Jharkhand truck driver Rajesh earns Rs 10 Lakh a month from his YouTube videos
- Amrit Udyan reopens at Rashtrapati Bhavan in Delhi
The 50-year-old executive will receive a base salary of $1.6 million a year. He will also have the opportunity to earn a 225% cash bonus of nearly $3.6 million to $7.2 million. He will also be entitled to a $23 million bonus, according to an SEC filing.
Niccol had a similar arrangement when he worked as CEO of food chain Chipotle in 2018. The company was based in Denver, Colorado, but the fast-food chain moved its headquarters to California at Niccol’s expense, NDTV Global reported.
According to the report, comfortable terms like these are common for high-ranking employees with more bargaining power than other employees.
