Imagine how you would feel if you had to travel thousands of kilometers to reach your office? But this journey has to be completed by a private jet… Such a service has been provided to the new CEO of Starbucks. Starbucks’ new CEO Brian Nicol will make an extraordinary journey to his new office every day. Nicol, who lives in California, will travel 1,600 kilometers every day to the Starbucks headquarters in Seattle.
Under the agreement, Nicol will use a corporate jet for his daily commute. Despite the distance, he is expected to work from Starbucks’ Seattle office at least three days a week, in line with the company’s hybrid work policy, which is effective in 2023. Brian Nicol will take over as Starbucks Corp.’s new CEO next month.
How much salary will the new CEO get?
Nicole, 50, will receive an annual base salary of $1.6 million. In addition, she is eligible for a cash bonus ranging from $3.6 million to $7.2 million based on her performance. She will also have the opportunity to earn up to $23 million in annual equity gifts. Nicole’s salary has been revealed through her offer letter.
This travel arrangement is not new for Nicole
This home-to-office arrangement is not new for Niccol. He made a similar deal when he was CEO of Chipotle in 2018. Chipotle, which was headquartered in Colorado, moved its headquarters to California just three months after Niccol took over.
A Starbucks spokesperson said that Brian will be based in the main office and most of his time will be spent in our Seattle Help Center or in our stores, roastery, roasting service and offices around the world meeting participants and customers. His schedule will be much more than the hybrid work guidelines and expectations.
Not all CEOs get such exemption
Not all CEOs have such leeway. Amazon’s Andy Jassy and JPMorgan Chase’s Jamie Dimon are advocating a return to office work. The reason behind Niccol’s unique arrangement is related to Starbucks’ recent performance. Under the leadership of current CEO Laxman Narasimhan, sales have declined in the company’s biggest markets, the US and China.