"Starbucks is getting CEO Brian Niccol to use the company jet for all his travels - and removing his quarter-million travel budget cap. In a Monday filing, the Seattle-based coffee chain said that it was changing its agreement on how much Niccol could use the company's private jet for his personal travel. And the main reason for this change is to ensure Niccol's safety."
"But after September, the board removed the $250,000 annual cap and replaced it with a "more frequent quarterly review of Mr. Niccol's personal flights by the chair of the Compensation Committee," per the filing. Starbucks has not imposed a new maximum spending limit. "This change was driven by the security study's recommendation that Mr. Niccol use Company aircraft for all air travel, including personal travel, and the Company's ongoing monitoring of Mr. Niccol's security situation," the filing wrote."
"A Starbucks spokesperson said the company's board recently decided to enhance security measures for Niccol, following a review of threats and risks to the chief executive. Following the review, the board has made it a requirement to use private aircraft for all his travels, the spokesperson added. Last year, Starbucks was hiring for a pilot to fly its private Gulfstream jets. In the job listing, the company said it would pay the pilot a salary between $207,000 and $360,300."
Starbucks requires CEO Brian Niccol to use company aircraft for all travel, including personal trips, citing a security study and ongoing monitoring of his security situation. The board removed the previous $250,000 annual cap on Niccol's personal use of the company jet and replaced it with a more frequent quarterly review of his personal flights by the chair of the Compensation Committee, with no new spending limit imposed. A company spokesperson said the board enhanced Niccol's security measures after reviewing threats and risks to the chief executive. The filing also noted recent pilot hiring and Niccol's compensation figures.
Read at Business Insider
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