Starbucks Names Brian Niccol New CEO

Brian Niccol has been appointed as the new CEO of Starbucks, with a compensation package potentially exceeding $113 million, while he will operate remotely from Newport Beach, California. His annual salary is set at $1.6 million, supplemented by bonuses that could range from $3.6 million to $6.4 million, along with a $10 million signing bonus and $75 million in equity grants over three years. Niccol, who previously led Chipotle, is expected to travel to Seattle as needed for meetings and will have expenses covered if he relocates. This arrangement marks a significant shift, as Starbucks' previous CEO had mandated in-office work for employees. The company expressed confidence in Niccol's leadership, emphasizing that his compensation is closely tied to performance. Niccol's first day as CEO is scheduled for September 9, 2024.