Starbucks Builds New Office Near CEO’s California | Global Market News
Starbucks has constructed a 4,624-square-foot workplace in Newport Beach, California, which is a five-minute drive from CEO Brian Niccol’s Orange County home.According to paperwork and images reviewed by Business Insider, the Thirteenth-floor workplace was accomplished on July 2 and designed by Gensler, a main architectural company that additionally designed the Chase Center in San Francisco and Shanghai Tower, China’s tallest building.Related: Starbucks Pins Its Turnaround Hopes on ‘Green Apron Service.’ What Is It, Exactly?
A ground plan for the workplace, seen by BI, instructs Gensler and the contracting crew, Pacific Tusk Builders, to construct a space with “luxury” accents, together with “white oak” flooring and customized counter tops. It additionally asks for “elegant lighting.”Plans for the workplace had been first disclosed in an August 2024 U.S. Securities and Exchange Commission submitting outlining Niccol’s compensation package deal. The submitting acknowledged that Starbucks would start planning to ascertain a “small remote office” in Newport Beach and “employ an assistant” for Niccol of his selecting.
“This office location will be maintained at the expense of the company,” the submitting reads.Starbucks advised BI that different workers can use the new workplace, although it is unclear how many different workers might be working from the workplace, how long the space took to assemble, and how a lot it value Starbucks to construct.Related: Here’s How Much 8 CEOs Made, From JPMorgan’s Jamie Dimon to Disney’s Bob IgerStarbucks additionally awarded Niccol a $1.6 million base wage, a $10 million signing bonus, and a $75 million equity grant over the following three years in his compensation package deal.
Starbucks CEO Brian Niccol. Photo by Robin Marchant/Getty PicturesNiccol had beforehand been commuting on the company’s expense, flying 995 miles on the company’s personal jet from his home in California to company headquarters in Seattle, Washington, to work from the workplace at the least 3 times a week as half of the company’s return-to-office mandate.Related: Starbucks Is Hiring a ‘Global Content Creator’ to Travel, Drink Coffee, and Get Paid Six FiguresEarlier this month, Niccol despatched a letter to workers stating that company employees might be required to return to the workplace 4 days a week beginning in October, an increase from the three-day schedule set in 2023. He wrote that workers do their “best work” when they’re collectively.
Employees can select to obtain a money buyout of an undisclosed quantity if they like to depart the company as an alternative of working within the workplace.”The default for support partners should be working in person, in a Starbucks office,” Niccol wrote within the letter. “We understand not everyone will agree with this approach.”Related: Starbucks Is Offering Executives $6 Million Performance-Based Stock GrantsNiccol turned Starbucks CEO in September after main Chipotle for six years as CEO. Under his management, Starbucks has tried to show round slumping gross sales with a “Back to Starbucks” turnaround plan that has resulted in cuts to its menu, much less wait time for espresso, and clients’ names written on cups in Sharpie.
On Tuesday, Starbucks additionally reported financial outcomes for its 13-week fiscal quarter ending June 29. Global store gross sales dropped 2%, with North American store gross sales additionally falling by 2%, marking the sixth consecutive quarter of declining gross sales. Net income, nonetheless, elevated 4% to $9.5 billion when in comparison with the identical time final 12 months.The earnings report additionally talked about that Starbucks opened 308 internet shops within the quarter, for a complete of 41,097 international shops.Join prime CEOs, founders and operators on the Level Up convention to unlock methods for scaling your business, boosting income and building sustainable success.
Starbucks has constructed a 4,624-square-foot workplace in Newport Beach, California, which is a five-minute drive from CEO Brian Niccol’s Orange County home.According to paperwork and images reviewed by Business Insider, the Thirteenth-floor workplace was accomplished on July 2 and designed by Gensler, a main architectural company that additionally designed the Chase Center in San Francisco and Shanghai Tower, China’s tallest building.Related: Starbucks Pins Its Turnaround Hopes on ‘Green Apron Service.’ What Is It, Exactly?
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