Starbucks CEO Brian Niccol was paid $96 million for four months of work
Starbucks CEO Brian Niccol has been paid approximately $96 million in total compensation after just four months on the job — quickly becoming one of the highest-paid executives in corporate America.His substantial pay package, which detailed in a recent securities filing with the SEC, includes buyouts of Chipotle Mexican Grill shares awarded during his tenure as CEO of the burrito chain.Despite working only a few weeks during Starbucks’s fiscal year ending September 29, Niccol received $61,538 in salary, a $5 million signing bonus and $90 million in stock awards, according to filings cited by the Wall Street Journal.Meanwhile, Starbucks under Niccol is implementing changes to enhance the in-store experience, including offering ceramic mugs for dine-in customers, enforcing stricter policies on restrooms and free water cups and reviving the condiment bar with unlimited coffee refills.Niccol aims to reposition Starbucks as a premium café destination to counter declining sales and shifting consumer habits.
The company is also pledging to make coffee for in-store customers in four minutes or less while addressing security concerns by limiting non-paying visitors, which has sparked mixed reactions among employees, according to Bloomberg News.Starbucks also had their baristas undergo a three-hour training in which they were encouraged “to warmly acknowledge and engage with every person in our store, treating them with kindness, respect, and assuming positive intent,” a company spokesperson told Bloomberg News.As investors await the company’s earnings report, analysts suggest these changes reflect a broader strategy to improve customer experience and perception amid affordability concerns.Much of Niccol’s stock compensation reflects forfeited Chipotle shares, which Starbucks compensated him for as part of his transition.The package also consists of restricted stock units that vest over time and performance-based awards.The pay disparity has drawn attention, p...