New Starbucks CEO Receives $96 Million Pay Package
After four months of employment last year, Starbucks Corp. gave new CEO Brian Niccol one of the largest pay in corporate America which is around $96 million.
According to a filing, stock awards accounted for almost 94% of Niccol’s compensation. The majority are performance based while the remaining ones are time based and vest over a three year period. After one month with Starbucks Niccol, who started working there in early September also received a $5 million sign-on incentive.
Following a series of revenue drops, Starbucks fired its previous CEO last year. To bring the company around, Niccol was hired from Chipotle Mexican Grill Inc. Niccol was not forced to relocate to Seattle, the location of Starbucks and the coffee chain agreed to pay for both the use of the company jet and temporary living expenses in the area.
According to the filing on Friday, Starbucks spent almost $143,000 for housing costs with roughly half of those payments being tied to taxes. Along with spending over $19,000 on additional personal use of corporate aircraft, Niccol also spent roughly $72,000 travelling from his home in southern California to Seattle.
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