Starbucks CEO Brian Niccol earning $167 million to become work from home ‘super commuter’
As the world’s biggest companies try to wrangle staff back into workplaces amid the post-COVID hangover, a newly appointed CEO has negotiated one of the biggest work-from-home deals in corporate history.
The board of worldwide coffee giant Starbucks has agreed to build newly appointed CEO Brian Niccol a ‘Star-bunker’ in his Newport, California home, located more than 1900km from their base in Seattle.
Niccol, who is reported to have signed a pay deal worth a staggering $167 million, will become a ‘super commuter’ after Starbucks agreed to fly him by private jet to the office in Seattle when necessary.
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By continuing you agree to our Terms and Privacy Policy.Documents regarding the deal were released to the public, with Starbucks stating that during Niccol’s employment, he would not be required to relocate to the company headquarters in Seattle, Washington.
The agreement states that Niccol has agreed to commute from his residence to the company headquarters when required to perform ‘duties and responsibilities’.
Employees worldwide will be reading with interest about the incredibly generous offer to their new CEO, who is set to rake in more than 7950 times the median wage for a Starbucks worker.
The Starbucks deal states: ‘’Promptly following the start date, the company will establish, with your assistance, a small remote office in Newport Beach, California. The company will employ an assistant of your choosing for such office, subject to the reasonable consent of the company. This office location will be maintained at the expense of the company.’’
Housing arrangements, travel and all expenses will be covered for Niccol as the highly regarded CEO looks to settle into his new role.
Starbucks stated that from Niccol’s start date and until he secures permanent secondary housing arrangements in Seattle, the company will pay directly, or reimburse him for, the costs of reasonable temporary housing arrangements and a driver to transport him while in town.
Starbucks poached Niccol from another well-known worldwide brand in Chipotle after a tough period which saw their share price drop over 21 per cent on the USX.
The coffee giant’s performance was hurt by weak sales in the U.S. and China, its two largest markets, and the share price in turn plummeted under former CEO Laxman Narasimhan’s tenure, CNBC reports.
As CEO of Chipotle, Niccol helped the food chain rebound from its foodborne illness scandal and led its restaurants through the pandemic. During his time at the restaurant chain, its stock soared 773%.
Starbucks employees have been required to work from the office at least three days a week since early 2023.
“Brian’s primary office and a majority of his time will be spent in our Seattle Support Center or out visiting partners and customers in our stores, roasteries, roasting facilities and offices around the world,” a spokesperson told CNBC.
“His schedule will exceed the hybrid work guidelines and workplace expectations we have for all partners.”
