The incoming CEO of Starbucks has the potential to earn more than $100 million in his initial year with the firm through a contract that includes several performance-based incentives.
Additionally, he will not be obligated to move from his residence in California to Seattle, where the headquarters of the global coffee corporation is located.
Starbucks declared the positions of chairman and CEO, succeeding Laxman Narasimhan, who resigned suddenly after serving slightly over a year as the company’s chief executive. Niccol is set to assume the positions of chairman and CEO at Starbucks on September 9th.
Niccol is among the most highly sought-after corporate executives due to his successful track record of reviving companies that have encountered challenges, such as Taco Bell and, most recently, Chipotle.
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In 2018, Niccol assumed the position of CEO at the California-based chain, which was experiencing a series of foodborne illness outbreaks that had afflicted over 1,000 of its customers over the course of several years.
Niccol is expected to revitalize Starbucks’ declining sales and reestablish the company as a destination where customers are prepared to pay premium prices for its products.
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