Seattle: Starbucks announced on Wednesday that incoming CEO Brian Niccol is set to receive a substantial compensation package, including annual equity awards valued at 23 million dollars and additional stock grants worth 75 million dollars. These grants are intended to compensate Niccol for the shares he forfeited from his previous role at Chipotle Mexican Grill.
Niccol’s initial base salary will be 1.6 million dollars per year, and he will also receive a 10 million dollars cash signing bonus, as outlined in a filing by Starbucks.
Niccol, who has led Chipotle as CEO since March 2018, is credited with revitalising the restaurant chain's reputation following a series of food safety incidents. He also significantly enhanced Chipotle’s digital and mobile ordering platforms, improving efficiency and customer experience.
Starbucks is counting on Niccol’s experience to steer the company forward as its sixth CEO, succeeding Laxman Narasimhan, who stepped down on August 13 after taking over in March 2023.
Narasimhan's tenure was marked by mounting pressure from activist investor Elliott Investment Management, which demanded a turnaround amid increasing competition and declining demand in key markets like the U.S. and China. During his time as CEO, Starbucks' shares fell nearly 25 percent, reflecting the challenges faced by the company.
FIRST Business Portal addressing the potential of business capability of North East Region.
