Starbucks grew from a small, local business in Seattle's Pike Place market into an international behemoth that has become synonymous with modern coffee. Every once in a while, though, a successful company faces a stunt in its growth and needs outside help to right itself.
Starbucks (SBUX) lured Brian Niccol from Chipotle Mexican Grill (CMG) to be its next chief executive officer to help turn around declining sales and attract more customers to its stores to purchase the brand's iconic pumpkin spice lattes and breakfast favorites like the sausage, cheddar, and egg sandwich.
This type of recruitment is lucrative, and it's certainly set to boost Niccol’s net worth.
Related: Starbucks fall menu 2024: When it drops and what to order
Who is Brian Niccol?
Brian Niccol was born in 1974 in Orange County, California, and received his bachelor’s degree in applied science and engineering management at Miami University (of Ohio) in 1996. He later received an MBA from the University of Chicago Booth School of Business.
After graduating from Miami, Niccol served in various positions in brand management at Procter & Gamble (PG) for almost a decade. In 2005, he served in various executive positions at Pizza Hut, a unit of Yum! Brands.
What makes Niccol a turnaround specialist?
In 2011, Niccol was promoted to chief marketing and innovation officer at another Yum! Brands subsidiary, Taco Bell. Two years later, he became its president and, from 2015 to 2018, its chief executive officer. He is credited with revitalizing Taco Bell’s brand by appealing to younger customers and introducing popular menu items such as the Doritos Locos Tacos.
In March 2018, Niccol was hired by Chipotle to be its CEO. There, he oversaw a transformation of the burrito maker at a time when it faced public scrutiny over the quality of its food. During his tenure, the company’s stock price rose almost 800% as revenue nearly doubled and profit jumped almost sevenfold.
In August 2024, Starbucks hired Niccol to lead a similar transformation at the world’s largest coffee chain. The Seattle-based company cited his focus on Chipotle’s people and culture, brand, menu innovation, operational excellence, and digital transformation for setting new standards in the industry.
He takes over from Laxman Narasimhan, whose two-year tenure at Starbucks was marked by declining profit margins, falling same-store sales, and a drop in share prices.
What is Brian Niccol’s net worth?
Niccol is a multimillionaire, and his wealth largely comes from the income he's earned in the C-Suite, particularly during his time serving in executive positions at Chipotle and Yum! Brands (YUM) , along with what he is expected to receive as Starbucks’ CEO.
According to most sources, Niccol's wealth is estimated to be at least $67 million as he joins Starbucks.
As of April 2024, Niccol owned more than 22,000 shares of Chipotle, valued at more than $1 million. He sold tens of millions of dollars in Chipotle stock over the past few years.
Related: Starbucks pumpkin spice lattes: Everything you need to know about the iconic fall beverage
How much did Niccol make as Chipotle CEO?
In 2023, he received a base salary of $1.3 million and stock options and bonuses that expanded his total compensation to $22.5 million.
More executive net worth:
- Home Depot founder Arthur Blank’s net worth: Investments in Atlanta Falcons & ranches
- Jensen Huang's net worth: How the Nvidia founder's AI stakes made him a billionaire
- What is Elon Musk's net worth?
How much does Niccol make as Starbucks CEO?
When Niccol takes over as CEO of Starbucks on Sept. 9, 2024, he is set to receive an annual salary of $1.6 million. He received a signing bonus of $10 million and was given $75 million in stock options to compensate for his forfeiture of Chipotle equity.
For meeting Starbucks’ incentives, Niccol could make almost $9 million.
How does Brian Niccol spend his money?
Niccol is a big alumni supporter of Miami University. In early 2024, he and his wife, also an alumnae, gifted the school $2 million for the men’s basketball team.
Related: Veteran fund manager sees world of pain coming for stocks
