Incoming Starbucks CEO Brian Niccol Secures Lucrative Contract

Brian Niccol is appointed as the new CEO of Starbucks, replacing Laxman Narasimhan. Niccol's contract includes over $100 million in potential earnings, and he will not need to relocate to Seattle. Niccol's successful track record at Chipotle and other companies is a significant factor in his hiring.

Starbucks' newly appointed CEO, Brian Niccol, could earn in excess of $100 million in his first year through a contract heavily laden with incentives. Niccol, who will assume his role on September 9, is not mandated to relocate from California to Seattle, Starbucks' headquarters.

Niccol replaces Laxman Narasimhan, who unexpectedly resigned after just over a year in the position. Known for his noteworthy turnaround achievements at Taco Bell and Chipotle, Niccol is expected to revive Starbucks' declining sales and restore its premium brand status.

Details of Niccol's compensation package were revealed in a Wednesday filing with the Securities and Exchange Commission. Niccol, 50, will receive a $10 million cash bonus and $75 million in equity, with additional performance-based incentives boosting his potential first-year earnings. Staying in his Newport Beach home, Niccol will oversee a small remote office there, while maintaining business travel commitments.

(With inputs from agencies.)