New Starbucks CEO Gets £88 Million Pay and Works from the Beach

Starbucks has announced the appointment of Brian Niccol as its new CEO, a move that comes with a staggering £88 million compensation package, marking one of the largest hires in U.S. corporate history. Niccol, who previously led Chipotle through a successful turnaround, will operate from a remote office in Newport Beach, California, rather than the company’s Seattle headquarters. His role includes access to the Starbucks corporate jet for necessary travel to the head office. Analysts have drawn parallels between Niccol and football superstar Lionel Messi, highlighting his reputation as a transformative leader in the restaurant industry. Under his leadership, Starbucks aims to recover from recent struggles, including declining sales and controversies surrounding its business practices. The company’s shares have already seen a 24 percent increase following the announcement of Niccol’s hiring, contrasting with a 7 percent drop in Chipotle’s stock as he departs. Niccol’s lucrative compensation package features a £7.8 million signing bonus, £58 million in share options, and an annual salary of £1.25 million, with the potential to earn up to £18 million in share-based bonuses each year. This package significantly surpasses his previous earnings of £17.5 million at Chipotle, underscoring the high expectations placed on him to revitalize Starbucks amidst ongoing challenges. Niccol is the fourth CEO to take the helm in less than three years, following the abrupt departure of Laxman Narasimhan.