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Been There – Boston 2

Wait, so should there be an “s” or not for Boston Common?

Boston v2 is the right one, “Boston Common”

What is the guitar referencing?

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Starbucks ceo allowed to work 1,000 miles from headquarters.

(Bloomberg) — Newly appointed Starbucks Corp. Chief Executive Officer Brian Niccol won’t be required to relocate to the company’s headquarters in Seattle when he joins the company next month.

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The incoming CEO agreed to commute to the coffee chain’s base and travel as needed to do his job, the company said in a filing Wednesday. The executive’s current employer, Chipotle Mexican Grill Inc., is located in Newport Beach, California. That’s where Starbucks will pay for a remote office to be set up about 1,000 miles from Seattle.

Being allowed to work remotely is becoming more common for CEOs and was part of the package Starbucks used to recruit Niccol to the struggling restaurant chain. His compensation includes a $10 million cash signing bonus and a $1.6 million annual salary.

White-collar employees at Starbucks were required at the beginning of last year to return to the office at least three days a week, a move that sparked backlash from some workers.

Niccol’s primary office will be in the company’s Seattle headquarters, according to a Starbucks spokesperson. The company will also pay for housing costs for as many as three months while he finds secondary accommodations in Seattle, according to the filing.

If Niccol decides to move to the Seattle area, he’ll be eligible to get reimbursed for certain relocation expenses. He’ll take over the CEO job on Sept. 9.

(Updates with details on return-to-office policy for employees.)

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Boston 25 Now

Starbucks is giving its new CEO a huge pay package and not making him move to Seattle

Starbucks-CEO Pay Package FILE - Brian Niccol, named the chairman and chief executive officer of Starbucks on Aug. 13, 2024, is shown during an interview on June 9, 2015, in New York. (AP Photo/Mark Lennihan, File) (Mark Lennihan/AP)

Starbucks' incoming CEO could make well in excess of $100 million in his first year with the company under an incentive-laden contract, and he will not be required to relocate from his home in California to Seattle, the home of the global coffee giant.

Starbucks announced on Tuesday that Brian Niccol would become its chairman and CEO , taking over from Laxman Narasimhan, who stepped down abruptly after spending a little more than a year as the company's top executive. Niccol will become Starbucks' chairman and CEO on Sept. 9.

Niccol is among the mostly highly sought after corporate executives after establishing a track record of success in turning around companies that have hit a rough patch, including Taco Bell and, most recently, Chipotle.

Niccol took the top job at the California chain in 2018 when Chipotle was being roiled by a series of foodborne illness outbreaks that had sickened more than 1,000 of its customers over several years.

Revenue at Chipotle has nearly doubled since his arrival after he energized product innovation and at the same time, instituted employee benefits like a program that pays employees' college tuition costs at certain schools.

Starbucks is counting on Niccol to revive fading sales and re-establish the company as a destination where customers are willing to pay premium prices for its products.

In a filing with the Securities and Exchange Commission late Wednesday, Starbucks said that the 50-year-old Niccol will receive a cash bonus of $10 million as well as $75 million in equity to make up for what is being forfeited by his abrupt departure from Chipotle. The equity component of his pay package will vest over time and is contingent on meeting performance targets.

If Starbucks meets those targets and other goals, his pay could easily surpass $100 million in his first year.

Niccol's annual base salary will be $1.6 million. He'll also have an annual cash incentive opportunity at a target of 225% of his base salary and a maximum of 450% of base salary. If he achieves the maximum incentive, it would be about $8.8 million.

Starting in fiscal 2025, Niccol will be eligible to receive annual equity awards worth up to $23 million.

Perhaps just as notable, Starbucks is not requiring that Niccol relocate to Starbucks headquarters in Seattle, saying he can remain in Newport Beach, California, where he currently lives and where Chipotle is based.

According to a regulatory filing, Starbucks will help create, with assistance from Niccol, a small remote office in Newport Beach and the company will hire an assistant for Niccol at that location.

Niccol will commute to Seattle as needed, as well as embark on any other business travel that's deemed necessary.

Starbucks Chief Financial Officer Rachel Ruggeri is serving as the interim CEO until Niccol arrives in early September.

Shares of Starbucks were little changed Thursday. They surged 20% when Niccol's appointment was announced earlier this week.

Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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