Just days later Starbucks announced that it is tapping Chipotle CEO Brian Niccol as the coffee chain's new CEO, Starbucks is setting a record for its ride waits.
Starbucks will not ask Nicol will work in the company's Seattle office when he starts his new job in September. Instead, it will have a remote office facility in Newport Beach, California, where Chipotle and Niccols are currently headquartered.
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The two cities are roughly 1,000 miles apart.
Bloomberg reported that the flexibility of working remotely was a big part of the draw when shooting Niccol.
Niccol will have an office at Starbucks headquarters in Seattle for visits, and the company will pay for housing costs for three months while Niccol finds secondary housing in Seattle. If he decides to leave California and move to Seattle full-time, Starbucks will reimburse him for his moving expenses.
Starbucks also unveiled Niccol's lucrative pay package in a folder on Wednesday, saying he will receive a $10 million signing bonus and $75 million in Starbucks stock. His annual base salary will be $1.6 million with the opportunity to earn $23 million in stock-based bonuses each year and an additional $3.6 million bonus.
If all went in Nicol's favor, he could earn over $113 million in his first year alone.
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“I am thrilled to join Starbucks and grateful for the opportunity to help run this incredible company, along with hundreds of thousands of dedicated partners,” Niccol said at a Starbucks. release of the investor on Tuesday. “As I embark on this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners while staying true to our mission and values.”
Niccol earned about $22.5 million at Chipotle in 2023.