2024-08-23
https://www.thisismoney.co.uk/money/article-13771917/Starbucks-boss-hot-water-private-jet-flights.html
HaiPress
CEO Brian Niccol does not have to move to the coffee chain HQ in Seattle.
The new Starbucks boss’s 1,000-mile private jet commute has been attacked.
Brian Niccol (pictured) does not have to move to the coffee chain HQ in Seattle.
Instead,he can use the Starbucks plane for a two-hour,45-minute flight from his California home.
The distance would otherwise take 18 hours to drive. Niccol,announced as boss last week,is set for an £88million payday in one of the biggest US hires on record.
He will visit the coffee chain’s office three days a week. But online critics have said this makes a mockery of the brand’s environmental efforts. ‘
The new chief executive will travel 1,600kms daily by private plane and then claim to save the environment with paper straws,’ one social media user said.
Another wrote on X: ‘How can anyone justify a 1,000-mile commute by private jet? It makes Starbucks’ sustainability policy look like greenwashing.’
A third critic said: ‘In an age where the richest are proven primary contributors to damage to the environment? I imagine you have lost a few customers through this – you’ve certainly lost me.’
Private jets are between five to 14 times more polluting per passenger than commercial journeys,according to a 2021 report from the European Federation for Transport and Environment.
Starbucks has pledged to slash its carbon,water and waste footprints by half by 2030.
Olympic challenge for TV as pay-for-view streaming services...
The trick we used to get £1,300 of FREE money in six months
Paramount loses £5bn as viewers turn off cable TV
Former BT boss eyes bid to trap rat-catcher Rentokil
Policies include adding more plant-based products,using less single-use packaging and investing in forest conservation.
Niccol’s package includes a £7.8m ‘golden hello’,£58m of extra share options,a salary of £1.25m plus the opportunity to make up to £18m worth of share-based bonuses a year.
He could also receive a cash bonus worth nearly £2.8m. He was paid £17.5m at Chipotle last year.
The shake-up at Starbucks sent shares up,while burrito chain Chipotle fell last week. Starbucks has struggled,with sales falling and a row over alleged links to Israel.
Starbucks said: ‘We’re confident in his ability to deliver long-term,enduring value.
'Brian’s primary office and a majority of his time will be spent in Seattle or visiting partners and customers in stores,roasteries,roasting facilities and offices.
‘Brian’s schedule will meet or exceed hybrid work guidelines and workplace expectations we have. He will also have a residence in Seattle.'
Easy investing and ready-made portfolios
Learn More
Learn More
Free fund dealing and investment ideas
Learn More
Learn More
Flat-fee investing from £4.99 per month
Learn More
Learn More
Get £200 back in trading fees
Learn More
Learn More
Free dealing and no account fee
Learn More
Learn More
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team,as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
