New Starbucks CEO's insane offer letter includes private jet to commute to work

Starbucks has given new CEO Brian Niccol access to the company private jet so he can fly to work and back.

The executive, who formerly led Chipotle , announced he’d be taking over the coffee company two weeks ago. His Starbucks offer letter , which was posted by the United States Securities and Exchange Commission, reveals there are some big perks that come with the job.

It was originally unclear whether or not Niccol would relocate to Seattle, Washington, where Starbucks is based. He currently resides in Newport Beach, California , home to Chipotle’s headquarters.

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There was even speculation Starbucks would move its headquarters to be closer to Niccol, Nation’s Restaurant News reported.

Niccol isn’t required to relocate, nor will the headquarters be moving. Instead, Niccol is given access to the company private jet, as he’s agreed to commute from Newport Beach to Seattle.

It can be used for business travel, travel from Seattle to Newport Beach, and “personal travel in accordance with the Company’s policies, up to a maximum amount of $250,000 per year.”

The commute is about 1,000 miles each way, about a two hour flight. A 2021 report from the European Federation for Transport and Environment found one hour on a private jet emits up to two tons of carbon dioxide.

Just one round trip could produce double the amount of carbon dioxide than the average person produces in a year.

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In recent years, the company has been enacting more environmentally friendly initiatives, including the 2020 plan. That plan includes the goal of reducing carbon emissions from Starbucks direct operations by 50 percent by 2030.

While Niccol won’t completely leave California, he is required to find secondary housing in Seattle. In the meantime, however, the company will reimburse him for temporary lodging. He will also have a small remote office in Newport Beach.

His base salary will be $1.6 million per year. The letter also mentions an annual cash bonus that ranges from $3.6 million to $7.2 million, and the ability to cash in on annual equity awards that could be up to $23 million.

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