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.
To be fair, the offer letter mentions he is working from a remote office (and is able to hire an assistant of his choosing). I’m hoping this whole supercommute nonsense isn’t daily and instead like… monthly for some meeting or something.
Who am I kidding though, a $10M signing bonus? He gets up to $250K per year of personal use out of the jet? They’ll even reimburse him $50K of legal and advisory fees he incurs having the offer reviewed by his own lawyers. That’s where I stopped reading.
Flight time itself should be about 2 hours and he’s rich so he has options to skip most of the security theatre, that’s… extreme but doable.
He’s the CEO though so I’d say yeah it being a regular thing is probably unlikely.
