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星巴克前首席执行官拉克斯曼·纳拉西姆汉最喜欢的饮品是浓缩玛奇朵咖啡,再配上一杯热脱脂牛奶。尽管在纳拉西姆汉被罢免后,他已不再在星巴克工作[Chipotle公司董事长兼首席执行官布莱恩·尼科尔(Brian Niccol)接任],但由于星巴克提供了优厚的离职待遇,他在支付咖啡费用方面不会有任何问题。
根据星巴克的高管离职计划,纳拉西姆汉离职后将获得130万美元薪水的1.5至2倍和目标现金奖金。内幕股票销售平台Verity副总裁兼研究主管本·西尔弗曼(Ben Silverman)告诉《财富》杂志,这相当于约1060万美元的工资和奖金,外加37620美元的Cobra保险费。在星巴克创始人霍华德·舒尔茨(Howard Schultz)第三次卸任临时首席执行官后,纳拉西姆汉于2023年3月加入星巴克。2023年,纳拉西姆汉的薪酬总额为1460万美元。
根据公司披露的信息,纳拉西姆汉离开星巴克时有权带走1060万美元。不过,即将离任的首席执行官和公司董事会通常会就离职协议中的新条款进行协商,以确保过渡过程顺畅,并将潜在的法律或声誉风险扼杀在萌芽状态。西尔弗曼说,纳拉西姆汉此前与星巴克签订的所有离职协议都有可能被一份具有不同条款的终止协议所取代。
因此,纳拉西姆汉可能通过谈判获得部分或全部未清偿股权奖励,根据周二收盘价95.90美元计算,这笔奖励可能高达2100万美元。星巴克尚未披露这位即将离任的首席执行官在2023年将获得多少股票,但他可能获得多达21.5万份基于业绩的限制性股票单位,这是星巴克的一种股权薪酬形式。
纳拉西姆汉还拥有价值数百万美元的剩余未归属股票,但根据现行高管离职协议,他无法获得这些股票。截至本周二,他持有109321份未归属的限制性股票单位,这意味着他的经纪账户中的股票尚未转化为实际价值。按照本周二的股价计算,这些未归属的股权值另外的1000万美元。
星巴克没有立即回应置评请求。
西尔弗曼说:“目前还不清楚纳拉西姆汉和星巴克之间是否达成了终止协议,该协议将取代他的雇佣协议和公司为包括首席执行官在内的高管制定的基本离职补偿方案。如果没有达成新协议,纳拉西姆汉将放弃所有未归属的股权奖励,并以工资、奖金和福利遣散费的形式带走约1060万美元的现金。”
根据2022年9月的聘书,纳拉西姆汉的基本工资为130万美元,现金奖金为基本工资的200%至400%,年度股权奖励的目标授予价值为1360万美元。他还获得了160万美元的签约奖金和900万美元的补替津贴,以弥补他在2022年离开英荷消费品公司利洁时(Reckitt Benckiser)所放弃的股权。
即使他没有就其1060万美元的薪酬额外争取任何好处,考虑到纳拉西姆汉担任星巴克首席执行官的17个月期间,该公司表现不佳,这笔报酬也算丰厚了。在此期间,星巴克的股价下跌了23.9%,原因是同店销售额连续几个季度下降,其中在中国的销售额下降了18%。这导致星巴克的市值缩水320亿美元。
专家称,纳拉西姆汉被迫离职
尽管如此,董事会主席梅乐蒂·霍布森(Mellody Hobson)在纳拉西姆汉离任时还是送上了热情的祝福,并感谢他的奉献精神和“激光般的专注力”。然而,根据高管离职分析公司Exechange的一份报告,他很可能是迫于巨大压力才离职的。鉴于首席执行官几乎从未被公开解雇,该公司对首席执行官是否迫于压力而离职的可能性进行了排名。创始人丹尼尔·舒伯(Daniel Schauber)表示,从0到10的评分标准来看,纳拉西汉迫于压力离职的可能性为9。
舒伯的报告指出,前首席执行官霍华德·舒尔茨曾写过一封批评星巴克的公开信,而激进投资机构埃利奥特管理公司(Elliott Management)在几周前收购了星巴克的大量股份。
最初有报道称,埃利奥特管理公司与星巴克董事之间的谈判将允许纳拉西姆汉保留其职位。在宣布尼科尔的任命后不久,埃利奥特管理公司发表声明承认了双方的讨论。
管理合伙人杰西·科恩(Jesse Cohn)和合伙人马克·斯坦伯格(Marc Steinberg)在声明中表示:“由于我们对这个世界上最重要的品牌之一的长期价值创造机会充满信心,埃利奥特管理公司已成为星巴克最大的投资者之一。”
他们补充说:"我们认为今天的任命宣布是公司向前迈出的具有转折意义的一步。我们对任命布莱恩·尼科尔表示欢迎,并期待继续与董事会合作,推动星巴克实现全部潜力。”
纳拉西姆汉还有资格获得职业介绍方案或2.5万美元的职业介绍服务。他还必须签署一份免责声明,并遵守竞业禁止条款等限制性条款。
星巴克的首席财务官拉切尔·鲁杰里(Rachel Ruggeri)在该公司工作了24年,她将担任临时首席执行官,直到尼科尔于2024年9月9日上任。(财富中文网)
译者:中慧言-王芳
星巴克前首席执行官拉克斯曼·纳拉西姆汉最喜欢的饮品是浓缩玛奇朵咖啡,再配上一杯热脱脂牛奶。尽管在纳拉西姆汉被罢免后,他已不再在星巴克工作[Chipotle公司董事长兼首席执行官布莱恩·尼科尔(Brian Niccol)接任],但由于星巴克提供了优厚的离职待遇,他在支付咖啡费用方面不会有任何问题。
根据星巴克的高管离职计划,纳拉西姆汉离职后将获得130万美元薪水的1.5至2倍和目标现金奖金。内幕股票销售平台Verity副总裁兼研究主管本·西尔弗曼(Ben Silverman)告诉《财富》杂志,这相当于约1060万美元的工资和奖金,外加37620美元的Cobra保险费。在星巴克创始人霍华德·舒尔茨(Howard Schultz)第三次卸任临时首席执行官后,纳拉西姆汉于2023年3月加入星巴克。2023年,纳拉西姆汉的薪酬总额为1460万美元。
根据公司披露的信息,纳拉西姆汉离开星巴克时有权带走1060万美元。不过,即将离任的首席执行官和公司董事会通常会就离职协议中的新条款进行协商,以确保过渡过程顺畅,并将潜在的法律或声誉风险扼杀在萌芽状态。西尔弗曼说,纳拉西姆汉此前与星巴克签订的所有离职协议都有可能被一份具有不同条款的终止协议所取代。
因此,纳拉西姆汉可能通过谈判获得部分或全部未清偿股权奖励,根据周二收盘价95.90美元计算,这笔奖励可能高达2100万美元。星巴克尚未披露这位即将离任的首席执行官在2023年将获得多少股票,但他可能获得多达21.5万份基于业绩的限制性股票单位,这是星巴克的一种股权薪酬形式。
纳拉西姆汉还拥有价值数百万美元的剩余未归属股票,但根据现行高管离职协议,他无法获得这些股票。截至本周二,他持有109321份未归属的限制性股票单位,这意味着他的经纪账户中的股票尚未转化为实际价值。按照本周二的股价计算,这些未归属的股权值另外的1000万美元。
星巴克没有立即回应置评请求。
西尔弗曼说:“目前还不清楚纳拉西姆汉和星巴克之间是否达成了终止协议,该协议将取代他的雇佣协议和公司为包括首席执行官在内的高管制定的基本离职补偿方案。如果没有达成新协议,纳拉西姆汉将放弃所有未归属的股权奖励,并以工资、奖金和福利遣散费的形式带走约1060万美元的现金。”
根据2022年9月的聘书,纳拉西姆汉的基本工资为130万美元,现金奖金为基本工资的200%至400%,年度股权奖励的目标授予价值为1360万美元。他还获得了160万美元的签约奖金和900万美元的补替津贴,以弥补他在2022年离开英荷消费品公司利洁时(Reckitt Benckiser)所放弃的股权。
即使他没有就其1060万美元的薪酬额外争取任何好处,考虑到纳拉西姆汉担任星巴克首席执行官的17个月期间,该公司表现不佳,这笔报酬也算丰厚了。在此期间,星巴克的股价下跌了23.9%,原因是同店销售额连续几个季度下降,其中在中国的销售额下降了18%。这导致星巴克的市值缩水320亿美元。
专家称,纳拉西姆汉被迫离职
尽管如此,董事会主席梅乐蒂·霍布森(Mellody Hobson)在纳拉西姆汉离任时还是送上了热情的祝福,并感谢他的奉献精神和“激光般的专注力”。然而,根据高管离职分析公司Exechange的一份报告,他很可能是迫于巨大压力才离职的。鉴于首席执行官几乎从未被公开解雇,该公司对首席执行官是否迫于压力而离职的可能性进行了排名。创始人丹尼尔·舒伯(Daniel Schauber)表示,从0到10的评分标准来看,纳拉西汉迫于压力离职的可能性为9。
舒伯的报告指出,前首席执行官霍华德·舒尔茨曾写过一封批评星巴克的公开信,而激进投资机构埃利奥特管理公司(Elliott Management)在几周前收购了星巴克的大量股份。
最初有报道称,埃利奥特管理公司与星巴克董事之间的谈判将允许纳拉西姆汉保留其职位。在宣布尼科尔的任命后不久,埃利奥特管理公司发表声明承认了双方的讨论。
管理合伙人杰西·科恩(Jesse Cohn)和合伙人马克·斯坦伯格(Marc Steinberg)在声明中表示:“由于我们对这个世界上最重要的品牌之一的长期价值创造机会充满信心,埃利奥特管理公司已成为星巴克最大的投资者之一。”
他们补充说:"我们认为今天的任命宣布是公司向前迈出的具有转折意义的一步。我们对任命布莱恩·尼科尔表示欢迎,并期待继续与董事会合作,推动星巴克实现全部潜力。”
纳拉西姆汉还有资格获得职业介绍方案或2.5万美元的职业介绍服务。他还必须签署一份免责声明,并遵守竞业禁止条款等限制性条款。
星巴克的首席财务官拉切尔·鲁杰里(Rachel Ruggeri)在该公司工作了24年,她将担任临时首席执行官,直到尼科尔于2024年9月9日上任。(财富中文网)
译者:中慧言-王芳
Former Starbucks CEO Laxman Narasimhan’s favorite drink is an espresso macchiato with hot skim milk on the side. Even though he no longer works at the company after getting deposed in favor of Chipotle chairman and CEO Brian Niccol, Narasimhan won’t have any trouble paying for his coffee fix thanks to what should be a generous exit deal.
According to Starbucks’ executive severance plan, Narasimhan stands to get 1.5 to 2 times his $1.3 million salary and target cash bonus as he exits the company. That adds up to about $10.6 million in salary and bonuses, plus $37,620 in Cobra premiums, Ben Silverman, vice president and head of research at insider stock sales platform Verity, told Fortune. Narasimhan joined Starbucks in March 2023 after founder Howard Schultz stepped down as interim CEO for the third time. In 2023, Narasimhan’s total pay package was valued at $14.6 million.
Based on the company’s disclosures, the $10.6 million is what Narasimhan is entitled to take with him when he leaves Starbucks. However, outgoing CEOs and corporate boards often negotiate new terms in separation agreements to keep the transition frictionless and to nip potential legal or reputation risks in the bud. Silverman said it’s possible that all the prior agreements Narasimhan had with Starbucks concerning his exit could be superseded by a termination agreement with different terms.
Therefore, Narasimhan could potentially negotiate to collect some or all of an outstanding equity award that could reach as high as $21 million, based on Tuesday’s stock price close of $95.90. Starbucks hasn’t yet disclosed how much stock the outgoing CEO will collect for for 2023, but he could get as many as 215,000 performance-based restricted stock units, Starbuck’s form of equity compensation.
Narasimhan also has remaining unvested equity worth millions, but he is ineligible to collect it based on the standing executive severance agreement. As of Tuesday, he held 109,321 unvested restricted stock units, meaning that equity hadn’t translated into real value in his brokerage account yet. At Tuesday’s stock price, that unvested equity would be worth another $10 million.
Starbucks did not immediately respond to a request for comment.
“It’s currently unclear whether there was a termination agreement between Narasimhan and Starbucks that supersedes what’s spelled out in his employment agreement and the company’s basic severance package for executives, including the CEO,” said Silverman. “If there was no new agreement, Narasimhan forfeits any unvested equity awards and is walking away with about $10.6 million in cash in the form of salary, bonus, and benefits severance.”
According to his September 2022 offer letter, Narasimhan was hired at a $1.3 million base salary, a cash bonus of between 200% to 400% of his base pay and annual equity awards with a target grant value of $13.6 million. He also got a $1.6 million sign-on bonus and a $9 million replacement grant to cover the amount of equity he walked away from when he left the CEO role at British-Dutch consumer goods company Reckitt Benckiser in 2022.
Even if he walks away without negotiating a sweetener on top of his $10.6 million, that payout would be generous given that, in the 17 months Narasimhan led Starbucks, the company has performed miserably. During this time, Starbucks’ share price declined 23.9% following consecutive quarterly drops in comparable-store sales, including a notable 18% drop in China. This has led to a dismal $32 billion drop in market cap.
Experts say Narasimhan forced out
Still, Narasimhan got warm wishes from board chair Mellody Hobson on the way out, and she thanked him for his dedication and “laser focus.” Yet he was very likely pressured heavily to leave, according to a report from executive exit analytics firm Exechange. The firm ranks the likelihood that a CEO was pressured to exit, given that CEOs are almost never fired publicly. On a scale of 0 to 10, Narasimhan’s departure is a nine, according to founder Daniel Schauber.
Schauber’s report noted that former CEO Howard Schultz had written an open letter criticizing Starbucks and that activist investor Elliott Management acquired a sizable stake a few weeks ago.
Initially, reports indicated that negotiations between Elliott and Starbucks directors would allow Narasimhan to keep his job. Shortly after Niccol’s hire was announced, Elliott issued a statement acknowledging the discussions.
“Elliott has become one of the largest investors in Starbucks because of our confidence in the long-term value-creation opportunity we see at one of the world’s most important brands,” managing partner Jesse Cohn and partner Marc Steinberg said in the statement.
“We view today’s announcement as a transformational step forward for the Company,” they added. “We welcome the appointment of Brian Niccol, and we look forward to continuing our engagement with the Board as it works toward the realization of Starbucks’ full potential.”
Narasimhan is also eligible for an outplacement package or $25,000 in outplacement services. He’ll also have to sign a release and comply with restrictive covenants like non-compete clauses.
Starbucks’ chief financial officer Rachel Ruggeri, a 24-year vet at the company, will serve as interim CEO until Niccol reports to work on Sept. 9, 2024.