SEATTLE (dpa-AFX) – The coffee house chain Starbucks swears by its new boss Brian Niccol so much that it cost an extra $80 million to hire him. Niccol received Starbucks stock options in this value because the change meant he lost the right to a similar package at his previous employer, the fast food chain Chipotle, which specializes in Mexican food.
Niccol was appointed to the Starbucks CEO position on September 9th. The coffee house chain put his remuneration for the financial year that ended on September 29th at a total of 95.8 million dollars (around 91.2 million euros). The base salary amounted to a good $61,500, according to documents for the general meeting. There was also a bonus of five million dollars and an additional share package worth ten million dollars.
Starbucks has problems: Customers have recently been spending less in the restaurants. Niccol announced that he wanted to refocus the chain more on coffee instead of other products and make the stay in the branches more pleasant. One of the changes in the USA is that you have to buy something again in order to be able to stay longer in a Starbucks./so/DP/jha
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