Starbucks Names Brian Niccol as New CEO with Potential $100 Million Pay Package
According to Newsnationnow Starbucks has announced Brian Niccol as its new chairman and CEO, succeeding Laxman Narasimhan, who resigned after just over a year in the role. Niccol, currently residing in California, will begin his tenure on September 9 without needing to relocate to Starbucks’ Seattle headquarters.
Niccol, renowned for his success in revitalizing brands such as Taco Bell and Chipotle, is set to receive a lucrative compensation package. His initial earnings could exceed $100 million, driven by a $10 million cash signing bonus and equity awards worth $75 million, contingent on meeting performance targets. His base salary will be $1.6 million, with an annual cash incentive target of 225% of his base salary, potentially reaching $8.8 million. Starting in fiscal 2025, Niccol may also receive annual equity awards up to $23 million.
Starbucks will support Niccol in establishing a small remote office in Newport Beach, California, and will provide an assistant at this location. Niccol will commute to Seattle as necessary for business and other travel. Rachel Ruggeri, Starbucks’ Chief Financial Officer, will serve as interim CEO until Niccol’s arrival.