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.
Guess what C-level execs like to do?
There was a real estate group I was interviewing with a while ago that was not particularly big and they owned a jet. Obviously not a 737 or anything but Bombardier makes jets that are smaller. Still expensive to run but C-level execs have convinced idiot boards members (who also ride around on the keys) that they are totally necessary.