‘Barron’s Roundtable’ panelists offer their economic outlook and analyze Starbucks and Chipotle stock.
Starbucks is allowing its incoming CEO Brian Niccol to commute to work from his Southern California home — and he will have the option to fly on the company’s corporate jet.
The coffee chain said in a filing with the Securities and Exchange Commission that Niccol “will not be required to relocate” to Seattle and has agreed to “commute from your residence to the Company’s headquarters (and engage in other business travel) as is required to perform your duties and responsibilities.”
Brian Niccol in New York City on June 10, 2015. (Robin Marchant/Getty Images / Getty Images)
Niccol, the former chief executive at Chipotle, will take over as Starbucks CEO and chairman on Sept. 9, replacing Laxman Narasimhan.
INCOMING STARBUCKS CEO BRIAN NICCOL POISED TO GET SIZABLE COMPENSATION
When he steps into the job, he will be eligible to use Starbucks’ plane to “travel between your city of residence and the Company’s headquarters” in Seattle, the filing said.
Where Niccol currently lives and Seattle are over 1,100 miles apart from each other by car.
Niccol will be allowed to fly on the company plane for “business-related travel in accordance with the Company’s travel policy” and “your personal travel in accordance with the Company’s policies, up to a maximum amount of $250,000 per year,” too, according to the filing.
Starbucks signage is pictured in Warsaw, Poland, on July 31. (Aleksander Kalka/NurPhoto via Getty Images / Getty Images)
Starbucks told FOX Business that Niccol will use the company’s Seattle headquarters as his main office and work out of that location three days per week other than when he is away for work-related travel. That time in-office will be in line with the company’s hybrid work rules.
STARBUCKS CEO OUSTED: WHAT BRIAN NICCOL FACES AS NEW TOP BOSS
Niccol will have a “small remote office” in Newport Beach, California, which the company will work with him to get up and running, according to Starbucks’ SEC filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 92.78 | -0.23 | -0.25% |
The company also told FOX Business that Niccol will be on the road visiting stores and other locations related to Starbucks’ business or at its headquarters most of the time. He also plans to maintain a home in the city, according to Starbucks.
A Starbucks sign is seen in Miami on June 11, 2021. (Joe Raedle/Getty Images / Getty Images)
Prior to being tapped as Starbucks CEO, Niccol helmed Chipotle, which is headquartered in Newport Beach, for about six years. Last week, as Starbucks announced his upcoming appointment, he expressed excitement about joining the company.
STARBUCKS NAMES CHIPOTLE CHIEF BRIAN NICCOL AS NEW CEO
“I have long-admired Starbucks’ iconic brand, unique culture and commitment to enhancing human connections around the globe,” Niccol said. “As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values.”
Chipotle has selected COO Scott Boatwright to become its interim CEO.
Starbucks
.
Source link
