Starbucks said its board approved Brian Niccol as chief executive officer and chairman of the board, effective September 9, 2024, and Mellody Hobson will serve as lead independent director from the same date.

1. 01

   Starbucks said its board approved Brian Niccol as chief executive officer and chairman of the board, effective September 9, 2024, and Mellody Hobson will serve as lead independent director from the same date.

2. 02

   Under the offer letter, the company said Niccol will receive an annual base salary of $1,600,000, an annual cash incentive with a target of 225% and a maximum of 450% of base salary, and, starting in fiscal 2025, eligibility for annual equity awards with a target value of $23,000,000.

3. 03

   The company said Niccol will receive a cash signing bonus of $10,000,000, paid in two installments of 50% each, to offset cash incentives and equity he is forfeiting at his current employer, and a replacement equity grant with a targeted grant date fair value of $75,000,000.

4. 04

   The company said Laxman Narasimhan stepped down as chief executive officer and as a director effective August 12, 2024, and that this was a termination without cause, while Rachel Ruggeri, chief financial officer, will serve as interim chief executive officer until the effective date of Niccol's appointment.

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