Starbucks’ new CEO 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 the company’s headquarters in Seattle.
In Niccol’s offer letter, Starbucks said he could stay at his home in Newport Beach and travel the 995 miles to headquarters using the coffee giant’s jet. The letter was made public in an Aug. 11 Securities and Exchange Commission filing.
It was not previously known how often Niccol would be required to be present at Starbucks’ main office, but a Starbucks spokesperson told CNBC that it would exceed the company’s hybrid work guidelines, which require staff to be in the office three days a week.
“Brian’s primary office and the majority of his time will be spent at our Seattle support center or visiting partners and customers at our stores, roasters, roasting facilities and offices around the world,” the spokesperson said.
“His schedule will exceed the hybrid work guidelines and workplace expectations we have for all partners,” the representative added.
He also received $250,000 a year in personal travel allowances, the SEC letter said.
She added that for up to three months after he takes office in September, Niccol would be reimbursed for the cost of temporary housing and provided with a driver until he secures permanent secondary housing in Seattle.
The company said it would also set up a remote office in the CEO’s hometown with an assistant of his choice.
His new position carries a base salary of $1.6 million per year, with an annual bonus ranging from more than two to more than four times his salary, depending on the company’s performance, according to another SEC filing detailing the terms of Niccol’s employment.
Niccol is set to receive a $75 million equity grant over the next three years to compensate for his departure as Chipotle CEO, the August letter said.
He will also receive a $10 million signing bonus and annual stock awards worth up to $23 million, which will be distributed starting next year, he added.
His total salary could reach $113 million, one of the highest amounts in the history of a publicly traded company.
Starbucks did not immediately respond to a request for comment.
