While Apple and Google chiefs Tim Cook and Sundar Pichai drew pretty packages of around $75 million each, it is Starbucks Corp’s new CEO Brian Niccol whose compensation neared the $100 million mark this year.
According to a report by Bloomberg, the Starbuck’s Brian Niccol made an extravagant $96 million for four months of work in 2024 — among the fattest pays in corporate America.
Starbucks CEO Brian Niccol Salary Breakdown
The report added that about 94 per cent of Niccol’s pay came from stock awards — mostly tied to performance and some time-based, vesting over a three-year period. The publication said that as per a filing from the company, Niccol, who joined Starbucks in early September 2024 , also got a $5 million sign-on bonus after his one-month anniversary with the company.
The filing from January 24 showed that Niccol’s salary included over $143,000 towards housing expenses — nearly 50 per cent being tax-related payments; another $72,000 spent for flying between his home in southern California to the Starbucks HQ in Seattle, and around $19,000 for expenses related to other personal use of company aircraft, Bloomberg reported.
Brian Niccol Among Top 20 Highest Paid CEOs
Starbucks CEO Brian Niccol is among America’s top 20 highest-paid CEOs, according to the Bloomberg Pay Index.
The report estimated Niccol’s annual pay package to be around $113 million in value, when he was hired in September 2024. A huge chunk of this is tied to equity to replace awards from his prior employer (Chipotle) that he had to give up to make the switch.
Why Did Starbucks Hire Brian Niccol?
He took the helm at Starbucks after his predecessor Laxman Narasimhan was ousted following a string of sales declines for the coffee chain amid global boycott calls and union worker movements in the US.
Niccol was tapped while heading Chipotle Mexican Grill Inc. to turn the Starbucks business around. He was given leeway in not moving to Seattle, where Starbucks is based, and the company agreed to cover temporary housing costs in the area as well as use of the company jet.
In the filing, Starbucks said Niccol was a “highly sought-after, effective leader with a proven track record” with the experience to drive the chain’s growth.
(With inputs from Bloomberg)