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.
Oh cool, more corporate waste…
The climate crisis could be solved with probably just a single guillotine.
Axes are more portable, and the turn around rate is faster. Just saying.
I’m intrigued by both of your suggestions and wish to subscribe to your newsletters.
“Your honor, the defendant qualified their statement with the phrase “just sayin.” Clearly they cannot be prosecuted and this case must be dismissed.
They also have reduced staffing requirements.
Nah, have a little decorum. Pollution and deliberate ecocide are probably some of the most destructive crimes in history after all.
Well, in that case, May I interest you in an executioner’s sword?
Now you’re taking sense. Great compromise!
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In Ministry for the Future, the opposition to this garbage is successful by bringing down a few choice flights with drone swarms, then announcing more will come to those who dare.
Starbucks is anti-climate pass it on.
I have no idea who this guy is.
And already I hate him.
He’s from Chipotle, so Starbucks basically just replaced their top guy with a clone.
I bet he won’t be fired if his plane is delayed 20 minutes. Unlike a barista who got stuck in traffic.
This is really going to go a long way to make up for all the lost pollution from all the folks that started working from home recently
“if this is my commute, there’s no reason for anyone to be remote”
Well fuck you and your co² farting anus, Brian Niccol!
A few questions here:
- Why the fuck does Starbucks have a corporate jet? I know they’re a global company, but surely the CEO doesn’t need to be abroad that often?
- Why would a company subsidise travel for a CEO to the tune of (likely) as much as he would get paid in a salary? If I were to tell my employer “I want to supercommute it’ll cost you $100k” I’d be laughed out. Hell, if I asked for $100 I’d probably be laughed out of the room…
Jets aren’t even remotely cheap to run. They cost millions, they cost tens of thousands to operate, and that doesn’t include personnel costs or costs regarding runway rental or the kind of shit a CEO would need while in the air.
This is an unfortunately normal perk for c-level execs at major corporations. I’d be surprised if Starbucks only had one. He also most certainly has a driver (likely with military experience), and an apartment at the Ritz or similar in Seattle - all covered by the company.
Also, how many million tonnes of CO2 will this dump into the high atmosphere every year?
Psssst… Starbucks… You’re doing it wrong.
CARBON: 50 percent reduction in greenhouse gas emissions in Starbucks direct operations and value and supply chain.
When he is not traveling for work, however, Niccol will still be expected to work from the Seattle office at least three days a week in alignment with Starbucks’ hybrid work policies, a company spokesperson tells CNBC Make It.
He’ll just need to travel to work to the starbucks near his home because reasons
This commute is just salary… the CEO should at least be charged the cost of the travels as income and taxed accordingly.
Supercommute sounds like a fancy way to say he can just rent or buy a luxurious place in Seattle to stay during the week.
I’m surprised by this because what rich guy wouldn’t want to shift his income from a state with one of the highest if not the highest tax rate at his level of income to a state with no income tax?
It doesn’t matter that the income will be sourced in Washington. He lives in California, and by that, the franchise tax board is hyper aggressive in getting their cut.
Note that the equity awards mentioned are taxable as well.
