New Starbucks CEO Will Be Working From Home

Starbuck's new CEO will be handsomely rewarded for taking charge of the coffee chain—and he won't have to trade sunny California for rainy Seattle. CNBC reports that the pay package that brought Brian Niccol to Starbucks from Chipotle includes a base annual salary of $1.6 million annually, with "the opportunity to earn up to $7.2 million more." According to the Guardian, Niccol is also receiving a $10 million signing bonus and a $75 million stock-based bonus to make up for shares he gave up when he left Chipotle. Including other performance-based bonuses, Niccol's compensation could top $113 million in his first year at Starbucks, the Guardian reports.

He was paid $22.5 million at Chipotle last year. Unlike his predecessor, Laxman Narasimhan, Niccol won't be required to relocate, the Seattle Times reports. He'll be allowed to work remotely from his home in Newport Beach, California, using Starbucks' corporate aircraft to travel to the company's Seattle headquarters when necessary. Starbucks will cover the costs of setting up what it describes as a "small remote office," per the Guardian. Niccol has already increased the company's value by billions: Starbucks' stock jumped 24.5% on Tuesday when it confirmed that it had lured him away from Chipotle, per Forbes. (More Starbucks stories.)