Starbucks' New CEO Can Make Up to $113 Million His First Year Brian Niccol will leave his position as Chipotle CEO and take over at Starbucks in September.
By Emily Rella Edited by Melissa Malamut
Key Takeaways
- Starbucks revealed the pay compensation package for incoming CEO Brian Niccol in a filing on Wednesday, which includes bonus and stock incentives in addition to a base salary.
- The coffee chain said it will not require Niccol to relocate to work in-office at the company's Seattle HQ.
- Niccol will be leaving his position as CEO of Chipotle.
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Just days after Starbucks announced that it is tapping Chipotle CEO Brian Niccol as the coffee chain's new CEO, Starbucks is setting the record straight on his commuting expectations.
Starbucks will not require Niccol to work at the company's office in Seattle when he starts his new job in September. Instead, he'll have a remote office setup in Newport Beach, California, where Chipotle is headquartered and Niccol is located.
Related: Starbucks CEO Steps Down Suddenly, Chipotle CEO Brian Niccol to Step Into Role
The two cities are approximately 1,000 miles away from each other.
Bloomberg reported that the flexibility of remote work was a big part of the draw when poaching Niccol.
Niccol will have an office in Starbucks' Seattle HQ for visits, and the company will pay for housing costs for three months while Niccol finds secondary housing in Seattle. Should he decide to move out of California and to Seattle full-time, Starbucks will reimburse him for relocation expenses.
Starbucks also disclosed Niccol's lucrative pay package in a filing on Wednesday, which states that he will receive a $10 million signing bonus and $75 million Starbucks stock. His base salary annually will be $1.6 million with the opportunity to earn both $23 million in share-based bonuses each year and an additional $3.6 million cash bonus.
Should everything vest in Niccol's favor, he could earn over $113 million in his first year alone.
Related: Chipotle CEO Addresses Backlash Over Portion Sizes: 'There Was Never a Directive to Provide Less'
"I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners," Niccol said in a Starbucks investor release on Tuesday. "As I embark upon 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 made an estimated $22.5 million at Chipotle in 2023.
