Starbucks' new CEO will have the use of a private jet from California to Seattle every week to meet its RTO rules
- Starbucks' new CEO, Brian Niccol, will commute between his home in California and company HQ in Seattle.
- Niccol has been granted the use of Starbucks' corporate jet to make this possible.
Starbucks' new boss, Brian Niccol, appears set to join the ranks of so-called super commuters by traveling nearly 1,000 miles between his home in California and company HQ in Seattle.
In Niccol's offer letter, Starbucks confirmed that he could stay at his home in Newport Beach, California, and commute the 995 miles to head office using the coffee giant's jet. The letter was made publicly available in a Securities and Exchange Commission filing from August 11.
It was previously unclear how often Niccol would be required to be in Starbucks' main office, but according to a CNBC report, he will "exceed" the company's hybrid work guidelines, which require staff to be in the office three days a week.
"Brian's primary office and a majority of his time will be spent in our Seattle Support Center or out visiting partners and customers in our stores, roasteries, roasting facilities and offices around the world," a Starbucks spokesperson told CNBC.
"His schedule will exceed the hybrid work guidelines and workplace expectations we have for all partners."
He has additionally been granted $250,000 a year in personal travel allowances, the SEC letter shows.
Niccol will be reimbursed for the cost of temporary accommodation and will be provided with a driver until permanent secondary housing is secured in Seattle up to three months after he begins in September.
The company will also set up a remote office in the CEO's hometown with an assistant of his choice.
In his new position, the base salary is $1.6 million a year, with an annual bonus ranging from more than twice to over four times his salary, depending on the company's performance, per another SEC filing detailing Niccol's employment terms.
Niccol will receive a $75 million equity grant over the next three years to compensate for his departure from his previous role as CEO of Chipotle.
He also got a $10 million signing bonus and annual stock awards worth up to $23 million, set to be distributed from next year.
His total compensation package may reach $113 million, one of the highest such executive deals for a publicly traded company in history.
Starbucks did not immediately respond to a request for comment from Business Insider.