Starbucks removes cap on CEO's use of company's private jet, citing security concerns

Starbucks CEO Brian Niccol must now use the coffee giant's private aircraft for all travel to enhance his security, a company spokesperson confirmed to FOX Business. The Seattle-based company said an independent security review identified "credible" risks to Niccol that warrant enhanced protection, pointing to his high-profile position, increased media exposure and the broader threat environment, according to a Monday regulatory filing."Given Mr. Niccol’s CEO role, the enhanced media attention to which Mr. Niccol and Starbucks are subject, and the current threat landscape, the security study for Mr. Niccol also recommended that Mr. Niccol use private aviation for all air travel, whether for personal, commuting, or business purposes," the filing said.STARBUCKS’ TURNAROUND PLAN SHOWS PROMISE IN US AS SALES GROWTH RETURNS FOR FIRST TIME IN 2 YEARSUnder Starbucks’ previous policy, Niccol's personal, non-commuting flights were limited to $250,000 annually. That restriction remained in place until September 2025, when the board approved a new framework removing the cap. Niccol's personal use of the company aircraft will now be subject to a quarterly review process, according to the spokesperson. No new spending limit has been put in place."This change was driven by the security study’s recommendation that Mr. Niccol use the Company’s aircraft for all air travel, including personal air travel, and Starbucks current assessment of Mr. Niccol’s security situation and the threat landscape," the filing said.STARBUCKS CEO CALLS AI ‘CO-PILOT,’ NOT REPLACEMENT FOR WORKERS AMID COMPANY TURNAROUND EFFORTSThe filing noted that if the board determines reimbursement is appropriate, Niccol would be required to repay Starbucks for the incremental costs associated with personal, non-commuting flights.The review also recommended safety measures when Niccol travels to higher-risk destinations, including the use of a dedicated car and driver service in Seattle.STARBUCKS APOLOGIZES AFTER BEARISTA CUP LAUNCH SPARKS CHAOS: ‘EXCEEDED EVEN OUR BIGGEST EXPECTATIONS’Niccol, who became CEO of Starbucks on Sept. 9, 2024, received approximately $31 million in compensation last year, according to the filing.CLICK HERE TO GET FOX BUSINESS ON THE GOThe spokesperson noted that Niccol spends the majority of his time visiting Starbucks coffeehouses across the U.S. and internationally, as well as working in Seattle, where he has both a home and an office.Starbucks shares closed at $95.16 apiece and are up 13% year to date.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business