Simply days after Starbucks introduced that it’s tapping Chipotle CEO Brian Niccol because the espresso chain’s new CEO, Starbucks is setting the report straight on his commuting expectations.
Starbucks won’t require Niccol to work within the firm’s workplace in Seattle when he begins his new job in September. As an alternative, he’ll have a distant workplace setup in Newport Seashore, California, the place Chipotle’s headquarters and Niccols are at present situated.
Associated: Starbucks CEO Steps Down Instantly, Chipotle CEO Brian Niccol to Step Into Function
The 2 cities are roughly 1,000 miles away from one another.
Bloomberg reported that the pliability of distant work was an enormous a part of the draw when poaching Niccol.
Niccol could have an workplace in Starbucks’ Seattle HQ for visits, and the corporate pays for housing prices for 3 months whereas Niccol finds secondary housing in Seattle. Ought to he resolve to maneuver out of California and to Seattle full-time, Starbucks will reimburse him for relocation bills.
Starbucks additionally disclosed Niccol’s profitable pay bundle in a submitting on Wednesday, which states that he’ll obtain a $10 million signing bonus and $75 million Starbucks inventory. His base wage yearly will likely be $1.6 million with the chance to earn each $23 million in share-based bonuses every year and a further $3.6 million money bonus.
Ought to the whole lot vest in Niccol’s favor, he may earn over $113 million in his first yr alone.
Associated: Chipotle CEO Addresses Backlash Over Portion Sizes: ‘There Was By no means a Directive to Present Much less’
“I’m excited to hitch Starbucks and grateful for the chance to assist steward this unbelievable firm, alongside a whole lot of hundreds of devoted companions,” Niccol mentioned in a Starbucks investor launch on Tuesday. “As I embark upon this journey, I’m energized by the super potential to drive progress and additional improve the Starbucks expertise for our prospects and companions, whereas staying true to our mission and values.”
Niccol made an estimated $22.5 million at Chipotle in 2023.