SEATTLE — Starbucks CEO Brian Niccol was recently awarded a $96 million compensation package after four months of leading the company – becoming one of the highest-paid executives in corporate America.
Starbucks confirmed with KIRO 7 News that his package included around $90 million in stock awards, a $5 million signing bonus, and buyouts from his former company, Chipotle.
This comes after Starbucks workers across the nation went on strike demanding for better pay.
According to filings cited by the Wall Street Journal, Niccol also received nearly $62,000 in salary.
In addition to his package, Niccol uses a company-owned jet to fly from his home in Newport, California to Seattle where Starbucks has also agreed to cover temporary housing costs.
Starbucks confirmed with KIRO 7 News that Starbucks has paid more than $143,000 in housing expenses, about half of which were tax-related payments. Niccol also spent about $72,000 flying between his home in southern California and Seattle, and about $19,000 related to other personal use of company aircraft.
During his tenure as CEO of Chipotle, Niccol received an annual compensation package around $33 million for several years as the stock rose more than 700 percent.
Starbucks’ stock climbed seven percent since Niccol began in September.
Under Niccol’s helm, the coffeehouse giant is working to revamp its operations to address its declining sales and shifting consumer habits.
Starbucks rolled out familiar changes Monday to enhance the in-store experience, including bringing back condiment bars after there were taken away during the COVID-19 pandemic, and baristas will return to hand-writing customers’ names on their cups using sharpies.
Bathrooms will only be allowed for customers, while the company will offer ceramic mugs for dine-in customers and free water cups.
“He did a great job at Chipotle. The stock went up 770 percent over a period in just a few years, and he deserved to make that money,” said Thomas Fellows, who runs Commence AI, which helps companies use artificial intelligence to analyze efficiency. “It’s very unfair to your average worker (Starbucks) because he’s getting paid more than 6,000 percent more than the average worker and he hasn’t proven that he has turned around the company.”
“It’s okay for a CEO or an executive to make eight figures. Brian Niccol making $96 million, but you got to earn it,” he added after sharing his company’s report on the Starbucks’ performance and Niccol’s pay package.
KIRO 7 News spoke with Mari Cosgrove, union leader, who has been with Starbucks for 11 years.
“He’s not making the company profit, I am. Me and my coworkers are. Baristas nationwide are producing the goods that people want to buy,” Cosgrove said. “We’re often making really customized drinks to make sure people not only leave happy, but want to come back repeatedly.”
The barista said many workers felt unvalued after learning about Niccol’s compensation package following a nationwide strike where workers demanded for better pay.
“It’s really frustrating, especially when the majority workers, we’re paid so little. Our options are public transit or walking to work,” Cosgrove added.
The veteran Starbucks worker said the pay package will not address the company’s root issues.
“I have equipment at my job that breaks down regularly. That’s what leading to our problems, fixing that, but that money, instead, is going to a CEO.” Cosgrove added, “It’s not going to fix the issues that we see on a day-to-day basis.”
KIRO 7 News reached out to Starbucks for a statement.
While we did not get an official response as of Monday afternoon, a spokesperson said the Niccol was a highly sought-after leader with a proven track record with experiences to drive the chain’s growth.
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