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The payment package offered to Niccol when he was hired is one of the biggest in U.S. corporate history, four times larger than his predecessor's at Starbucks, according to the Financial Times.
Starbucks announced on Aug. 13 that Laxman Narasimhan will depart from the company with immediate effect. Niccol will assume the role of CEO and chairman of the board of directors on Sept. 9. Rachel Ruggeri, the chief financial officer, will act as temporary CEO until September 9th.
Documents submitted to the Securities and Exchange Commission (SEC) state that Starbucks is offering Niccol $75 million to compensate for the stock-based compensation he will forego after leaving Chipotle. He is set to get a signing bonus of $10 million as well. His total annual compensation will amount to approximately $28.2 million, including salary, bonuses, and equity awards contingent on the company achieving its objectives.
In accordance with the contract, Niccol will not relocate to Seattle, Starbucks' main location. Rather than that, the company will now establish a "small remote office" for Niccol in Newport Beach, California.
source: ft.com
Starbucks announced on Aug. 13 that Laxman Narasimhan will depart from the company with immediate effect. Niccol will assume the role of CEO and chairman of the board of directors on Sept. 9. Rachel Ruggeri, the chief financial officer, will act as temporary CEO until September 9th.
Documents submitted to the Securities and Exchange Commission (SEC) state that Starbucks is offering Niccol $75 million to compensate for the stock-based compensation he will forego after leaving Chipotle. He is set to get a signing bonus of $10 million as well. His total annual compensation will amount to approximately $28.2 million, including salary, bonuses, and equity awards contingent on the company achieving its objectives.
In accordance with the contract, Niccol will not relocate to Seattle, Starbucks' main location. Rather than that, the company will now establish a "small remote office" for Niccol in Newport Beach, California.
source: ft.com
