Starbucks Corp. granted new Chief Govt Officer Brian Niccol about $96 million after 4 months of labor final 12 months, one of many greatest compensation packages in company America.
About 94% of Niccol’s pay got here from inventory awards, in accordance with a submitting. Most of them are tied to efficiency and the remaining are time-based, vesting over a three-year interval. Niccol, who joined Starbucks in early September, additionally obtained a $5 million sign-on bonus after his one-month anniversary with the corporate.
Starbucks ousted its prior CEO final 12 months after a string of gross sales declines. Niccol was recruited from Chipotle Mexican Grill Inc. to show the enterprise round. The espresso chain didn’t require Niccol to maneuver to the Seattle, the place Starbucks relies, and agreed to cowl momentary housing prices within the space in addition to use of the corporate jet.
Friday’s submitting exhibits Starbucks paid greater than $143,000 in housing bills, about half of which have been tax-related funds. Niccol additionally spent about $72,000 flying between his house in southern California and Seattle, and about $19,000 associated to different private use of firm plane.
Bloomberg estimated Niccol’s annual pay bundle to be valued at about $113 million on the time of his hiring, with a big half tied to fairness to switch awards from his prior employer that he needed to relinquish. He ranks close to the highest 20 highest-paid CEOs, in accordance with the Bloomberg Pay Index.
Within the submitting, Starbucks stated Niccol was a “extremely sought-after, efficient chief with a confirmed monitor file” with the expertise to drive the chain’s development.
