Starbucks CEO to commute 1,600km by private jet, thrice weekly
Brian Niccol, the newly appointed CEO of Starbucks, has chosen not to relocate to Seattle, where the company's headquarters are located. Instead, he will be commuting from his home in California to his office in Seattle three times a week using the company's jet. The Starbucks CEO's preference for a private jet commute has caused many to believe that climate goals are taking a back seat to personal convenience.
Niccol's unique arrangement sparks climate change debate
Niccol's unique commuting arrangement has sparked a debate about corporate hypocrisy regarding climate change. This comes at a time when Starbucks is making efforts to reduce single-use plastic by introducing paper straws in its stores globally. The distance between Niccol's California home and the Seattle office is approximately 1,600km, a journey he will undertake three times weekly on the company aircraft. The details were revealed in his offer letter made public through an SEC filing last week.
Starbucks to set up remote office for Niccol
In addition to his unique commuting arrangement, Starbucks plans to establish a small remote office in Newport Beach, California for Niccol. The company will hire an assistant of Niccol's choice and bear the cost of maintaining this office. This move is part of the company's strategy to accommodate their new CEO's decision not to relocate to Seattle. The 50-year-old executive will receive an estimated total compensation of $113 million, including a $10 million bonus and a $75 million equity grant.
Niccol's work schedule and responsibilities at Starbucks
A Starbucks spokesperson confirmed that Niccol is expected to work from the Seattle office at least three times a week, in line with Starbucks's hybrid work policy. The spokesperson stated, "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." Niccol will draw an annual salary of $1.6 million and performance bonus ranging from $3.6-7.2 million.
