Starbucks, the largest coffee chain in the world, has provided a lucrative package for Brian Niccol, its newly appointed CEO, including the use of a corporate jet for his 1,000-mile commute from California to Seattle.
Niccol, who is assuming the post next month, will have an annual base salary of $1.6 million, with possibilities of earning an additional amount of up to $100 million through equities and bonuses during his first year.
The 50-year-old executive is expected to work at least three days per week at Starbucks’ corporate headquarters.
Due to Starbucks’ plan to reduce its carbon footprint by half by 2030, the company has come under fire for offering its new CEO, Brian Niccol, a corporate jet privilege.
Climate charity Possible has condemned this action, considering it an insult to the environment.
The appointment of Niccol comes after the unexpected exit of Laxman Narasimhan earlier in the month. The former CEO of Chipotle is praised for restoring fortunes at the burrito chain, growing its revenues almost twofold during his reign.
Starbucks’ sales have dropped due to weak demand, increased prices, and boycotts related to the Gaza war. It is anticipated that these obstacles will be addressed under Niccol’s leadership, driving growth.
The firm has defended its policy on corporate jets, arguing that it is in tandem with hybrid work regulations and workplace expectations.
However, there has been significant online outcry, fueled by critics raising concerns about the eco-friendliness of Niccol’s 1,000-mile commutes via private plane.
