Starbucks(US:SBUX) Fox Business·2024-08-16 17:36CEO Compensation and Transition - Brian Niccol will receive an initial base salary of $1 6 million per year as the new CEO of Starbucks [1] - Niccol will receive a $10 million signing bonus to compensate for forfeited cash incentives and equity from his current employer [1] - Starbucks will grant Niccol a $75 million replacement equity grant consisting of 60% performance-based restricted stock units and 40% time-based restricted stock units [1] - Niccol is eligible for an annual cash bonus with a target of 225% of base salary and a maximum of 450% of base salary prorated for fiscal year 2024 [2] - Niccol can receive annual equity awards worth up to $23 million starting in the next fiscal year [2] Leadership and Responsibilities - Niccol will assume the role of CEO and chairman of Starbucks starting September 9 [1][2] - Niccol is not required to relocate to Seattle and will commute as needed to fulfill his duties [2] - Niccol previously served as CEO of Chipotle for approximately six years [2] Market and Industry Context - Starbucks stock (SBUX) increased by 0 87% to $95 13 following the announcement [2] - Chipotle stock (CMG) rose by 4 49% to $53 97 after Niccol's departure was announced [3] Niccol's Statements and Vision - Niccol expressed gratitude for his time at Chipotle and confidence in its future growth under its leadership team [3] - Niccol highlighted his admiration for Starbucks' brand culture and global impact and expressed enthusiasm for driving growth and enhancing the customer experience [3]