🧐 A new CEO just joined Starbucks after leaving Chipotle, received a $10 million sign-on bonus, will be able to work remotely, and will fly in on a corporate jet to Seattle when necessary for meetings.
Is this a case of "rules for thee, but not for me"? Or do you think it's acceptable?
Share your thoughts below!
https://finance.yahoo.com/news/why-new-starbucks-ceo-brian-niccol-is-worth-the-85-million-and-remote-california-office-123000014.html
So annoying that these are the same companies with greenwashed sustainability initiatives --- dude is flying in for meetings???? Give me a break. I don't think they read the room at all LOL
I think it's fine. He has a level of expertise that merits the compensation, and he probably has a lot of pressure to deliver. 99% of the population can't do this job, so. Completely pivoting a company is not a skill set that you can pay lightly for at that level, lots of moving parts
CK1 — He does not get the money no matter what. Most companies include clawback provisions in employment contracts that require employees to repay sign-on bonuses if they do not fulfill certain obligations, such as staying with the company for a specific period of time. This is common, especially if the bonus is significant.
Expect your coffees to get smaller and crappier
But why would you need them to work together? The effective and inexpensive espresso machines are super simple. You buy whatever beans you want, grind them yourself or buy the grounds, put them in the portafilter, push a button and voila, espresso. Some machines can even grind the beans fresh for you. There are no need for wasteful trash like individual pods and you can get anything from grocery store coffee to ordering your own indie brands.
Honestly getting tired of overhyped CEOs. Also tired of Starbucks tbh. It's convenient, but not very good.
Overhyped CEOs are part of the "enshittifcation" of everything now (look up Cory Doctorow for more). Everything is worse, costs more, and is of poorer quality than before. This has bled away from its internet origins into every possible industry and product now. It is all driven by the same corporate thinking and suite-level Asshats from one field into another. They all come from the same places/clubs/schools/companies so it's groupthink all the way to the bottom. It's pervasive and systemic at this point. It will take a concerted effort from government regulation and "normals" to undo. It may also be too late to fix with late-stage capitalism and corruption/rot of global political systems to deal with it. George Carlin said it best: "it's a big club and you and I ain't in it ". Also, too, Starbucks coffee is overroasted/overrated for a reason and you're better off getting your "no cognition without ignition" caffeine fix from a good morning roast.
Yeah, no, it's not acceptable. They're banking on him delivering on lofty promises in a short turnaround, to merit the investment. It sounds a lot like politics to me - and it diminishes the efforts of all of the people holding the company together
Bingo
It just reinforces for me how disposable the rest of the workforce is. I'll never play at that level, it's a different world, but you would think they'd consider paying their employees slightly more?
K1 I’m not familiar with this news. What exactly did he do? Stock just jumped at the news of his hiring or he actually took some sort of action?
Yuck. Well even if they don’t turn anything around, they’re $10million richer than they were. I will continue supporting small local coffee shops with my money 💁
Pro
If Starbucks has $10M to offer as a sign-on bonus to an already-overpaid CEO, why are their servers and baristas working 2 jobs to keep their own families functioning?
Because Starbucks’ raison d’etre is to make money for its owners. That’s it
Chipotle’s stock increased 900% in his 6 years. If you think he was overpaid I’m not sure you have a sufficiently calibrated definition of that word
Don’t worry though - within 5 years they won’t be “underpaying” workers anymore because WALL-E will be making your macchiato
Continuing to boycott Starbucks because 🤮 give me a break
Chief
Does 1 person really need that high a salary? I’m not saying don’t compensate CEOs well, definitely pay them high…but THAT high?? If you have $85 million available to spend, can’t a tiny bit of money get invested into employees and helping with retention (bonuses, incentives, etc).
TSEII1 you represent everything that is wrong with capitalism
Stop drugging yourselves with coffee. Also, eat the CEOs. They don't actually do anything, nor do they have this fabled "power" that everyone keeps professing. It's all politics, nothing more.
Imagine hating your employees so much that you pay one person this insane and bloated amount instead of investing it back into your workers 🫤
That’s how it works here in this country. These hot- shot CEOs raise prizes and create smaller packages so that they can make an unreasonable profit at the expense of their employees. We have to make a shift to this paradigm.
Not gonna change a thing other than his life.
Chief
Yeah I don't think they were trying to, his job is to increase company/shareholders value and so far aces
We normalize billionaires getting richer and richer and richer while the rest of us…well let’s just say this practice has to change.
Coffee is highly susceptible to climate change of any kind, and millions of coffee farmers are struggling.
Rising temperatures, unpredictable rainfall, and diseases seem to be threatening one our most popular caffeinated drinks, and the livelihoods of smallholder farmers too. How will the new wonderful overpaid CEO of Starbucks manage the rising cost of this vulnerable commodity ?
Most coffee is produced in highland tropical regions. But researchers have found that rising temperatures could reduce the areas suitable for growing coffee by 50 per cent.
We will see how ‘good’ this billionaire really is.
The guy was likely walking away from a ton of Chipotle money/options.
They had to pay him this much to make him whole.
What could he possibly do that warrants that kind of return. If he'd turned the business around, suddenly made the company half a billion in revenue then maybe yeah as a bonus, but he hasn't even begun to do anything and he's getting that kind of money. Nobody does enough that $10m is sufficient renumeration for what they do.
He's a union buster and shrinks things down. He tanked Chipotle's value so they're hiring a bulldog which is what they want
They work 80 hours a week. They are married to their job and their home lives are usually quite miserable. I haven't even brought up the other health issues that they have like high blood pressure and diabetes. Now when you think about all these factors would you be willing to do it? I wouldn't.
Chief
Lol yeah we've done a great job with that 😂
Chief
Who cares, not like it would go to workers otherwise makes no difference to me if it goes to him or the shareholders, and 100% execs don't have the same rules, they don't have the same jobs
PwC4 I totally agree with you — I’m just playing devils advocate here and saying it doesn’t swing because you bring a new barista in and the stock would’ve dipped 20% had they hired me or BA1 for that role lmao
Rising Star
As a shareholder I’m glad to see the stock rebound since his announced hiring. He’s a turnaround artist and at the end of the day that’s what matters most.
Chief
Yep, this
I hope all baristas and corp employees stage a walkout over this.
Google employees did walkouts over RTO, and this is so much more egregious.