Starbucks pays CEO Brian Niccol over $90 million for just four months of work

Starbucks Corporation awarded its new Chief Executive Officer, Brian Niccol, a staggering $96 million for just four months of service in 2024, one of the largest compensation packages in corporate America.

According to a recent filing, approximately 94% of Niccol's pay was derived from stock-based awards, Caliber.Az reports, citing foreign media.

The CEO, who took the helm in early September, was also given a £5 million bonus following his first month with the company.

Niccol's appointment followed the ousting of the previous CEO after a series of sales declines. He was recruited from Chipotle Mexican Grill to steer the coffee giant through its challenges. Interestingly, Starbucks did not require Niccol to relocate to Seattle, where the company is headquartered. Instead, the firm covered temporary housing costs and provided access to its corporate jet.

Thus, Starbucks spent more than $143,000 on Niccol's housing, with roughly half of that amount going towards tax-related expenses. Additionally, Niccol incurred around $72,000 in travel costs for flights between his home in Southern California and Seattle, along with $19,000 for personal use of the company’s aircraft.

At the time of his appointment, it is estimated that Niccol's annual compensation package would total approximately $113 million, with a significant portion tied to equity to replace awards from his previous employer, which he had to forgo. Niccol currently ranks among the top 20 highest-paid CEOs, according to the Bloomberg Pay Index.

By Aghakazim Guliyev