星巴克前首席執行官拉克斯曼·納拉西姆漢最喜歡的飲品是濃縮瑪奇朵咖啡,再配上一杯熱脫脂牛奶。盡管在納拉西姆漢被罷免后,他已不再在星巴克工作[Chipotle公司董事長兼首席執行官布萊恩·尼科爾(Brian Niccol)接任],但由于星巴克提供了優厚的離職待遇,他在支付咖啡費用方面不會有任何問題。
根據星巴克的高管離職計劃,納拉西姆漢離職后將獲得130萬美元薪水的1.5至2倍和目標現金獎金。內幕股票銷售平臺Verity副總裁兼研究主管本·西爾弗曼(Ben Silverman)告訴《財富》雜志,這相當于約1060萬美元的工資和獎金,外加37620美元的Cobra保險費。在星巴克創始人霍華德·舒爾茨(Howard Schultz)第三次卸任臨時首席執行官后,納拉西姆漢于2023年3月加入星巴克。2023年,納拉西姆漢的薪酬總額為1460萬美元。
根據公司披露的信息,納拉西姆漢離開星巴克時有權帶走1060萬美元。不過,即將離任的首席執行官和公司董事會通常會就離職協議中的新條款進行協商,以確保過渡過程順暢,并將潛在的法律或聲譽風險扼殺在萌芽狀態。西爾弗曼說,納拉西姆漢此前與星巴克簽訂的所有離職協議都有可能被一份具有不同條款的終止協議所取代。
因此,納拉西姆漢可能通過談判獲得部分或全部未清償股權獎勵,根據周二收盤價95.90美元計算,這筆獎勵可能高達2100萬美元。星巴克尚未披露這位即將離任的首席執行官在2023年將獲得多少股票,但他可能獲得多達21.5萬份基于業績的限制性股票單位,這是星巴克的一種股權薪酬形式。
納拉西姆漢還擁有價值數百萬美元的剩余未歸屬股票,但根據現行高管離職協議,他無法獲得這些股票。截至本周二,他持有109321份未歸屬的限制性股票單位,這意味著他的經紀賬戶中的股票尚未轉化為實際價值。按照本周二的股價計算,這些未歸屬的股權值另外的1000萬美元。
星巴克沒有立即回應置評請求。
西爾弗曼說:“目前還不清楚納拉西姆漢和星巴克之間是否達成了終止協議,該協議將取代他的雇傭協議和公司為包括首席執行官在內的高管制定的基本離職補償方案。如果沒有達成新協議,納拉西姆漢將放棄所有未歸屬的股權獎勵,并以工資、獎金和福利遣散費的形式帶走約1060萬美元的現金。”
根據2022年9月的聘書,納拉西姆漢的基本工資為130萬美元,現金獎金為基本工資的200%至400%,年度股權獎勵的目標授予價值為1360萬美元。他還獲得了160萬美元的簽約獎金和900萬美元的補替津貼,以彌補他在2022年離開英荷消費品公司利潔時(Reckitt Benckiser)所放棄的股權。
即使他沒有就其1060萬美元的薪酬額外爭取任何好處,考慮到納拉西姆漢擔任星巴克首席執行官的17個月期間,該公司表現不佳,這筆報酬也算豐厚了。在此期間,星巴克的股價下跌了23.9%,原因是同店銷售額連續幾個季度下降,其中在中國的銷售額下降了18%。這導致星巴克的市值縮水320億美元。
專家稱,納拉西姆漢被迫離職
盡管如此,董事會主席梅樂蒂·霍布森(Mellody Hobson)在納拉西姆漢離任時還是送上了熱情的祝福,并感謝他的奉獻精神和“激光般的專注力”。然而,根據高管離職分析公司Exechange的一份報告,他很可能是迫于巨大壓力才離職的。鑒于首席執行官幾乎從未被公開解雇,該公司對首席執行官是否迫于壓力而離職的可能性進行了排名。創始人丹尼爾·舒伯(Daniel Schauber)表示,從0到10的評分標準來看,納拉西漢迫于壓力離職的可能性為9。
舒伯的報告指出,前首席執行官霍華德·舒爾茨曾寫過一封批評星巴克的公開信,而激進投資機構埃利奧特管理公司(Elliott Management)在幾周前收購了星巴克的大量股份。
最初有報道稱,埃利奧特管理公司與星巴克董事之間的談判將允許納拉西姆漢保留其職位。在宣布尼科爾的任命后不久,埃利奧特管理公司發表聲明承認了雙方的討論。
管理合伙人杰西·科恩(Jesse Cohn)和合伙人馬克·斯坦伯格(Marc Steinberg)在聲明中表示:“由于我們對這個世界上最重要的品牌之一的長期價值創造機會充滿信心,埃利奧特管理公司已成為星巴克最大的投資者之一。”
他們補充說:"我們認為今天的任命宣布是公司向前邁出的具有轉折意義的一步。我們對任命布萊恩·尼科爾表示歡迎,并期待繼續與董事會合作,推動星巴克實現全部潛力。”
納拉西姆漢還有資格獲得職業介紹方案或2.5萬美元的職業介紹服務。他還必須簽署一份免責聲明,并遵守競業禁止條款等限制性條款。
星巴克的首席財務官拉切爾·魯杰里(Rachel Ruggeri)在該公司工作了24年,她將擔任臨時首席執行官,直到尼科爾于2024年9月9日上任。(財富中文網)
譯者:中慧言-王芳
星巴克前首席執行官拉克斯曼·納拉西姆漢最喜歡的飲品是濃縮瑪奇朵咖啡,再配上一杯熱脫脂牛奶。盡管在納拉西姆漢被罷免后,他已不再在星巴克工作[Chipotle公司董事長兼首席執行官布萊恩·尼科爾(Brian Niccol)接任],但由于星巴克提供了優厚的離職待遇,他在支付咖啡費用方面不會有任何問題。
根據星巴克的高管離職計劃,納拉西姆漢離職后將獲得130萬美元薪水的1.5至2倍和目標現金獎金。內幕股票銷售平臺Verity副總裁兼研究主管本·西爾弗曼(Ben Silverman)告訴《財富》雜志,這相當于約1060萬美元的工資和獎金,外加37620美元的Cobra保險費。在星巴克創始人霍華德·舒爾茨(Howard Schultz)第三次卸任臨時首席執行官后,納拉西姆漢于2023年3月加入星巴克。2023年,納拉西姆漢的薪酬總額為1460萬美元。
根據公司披露的信息,納拉西姆漢離開星巴克時有權帶走1060萬美元。不過,即將離任的首席執行官和公司董事會通常會就離職協議中的新條款進行協商,以確保過渡過程順暢,并將潛在的法律或聲譽風險扼殺在萌芽狀態。西爾弗曼說,納拉西姆漢此前與星巴克簽訂的所有離職協議都有可能被一份具有不同條款的終止協議所取代。
因此,納拉西姆漢可能通過談判獲得部分或全部未清償股權獎勵,根據周二收盤價95.90美元計算,這筆獎勵可能高達2100萬美元。星巴克尚未披露這位即將離任的首席執行官在2023年將獲得多少股票,但他可能獲得多達21.5萬份基于業績的限制性股票單位,這是星巴克的一種股權薪酬形式。
納拉西姆漢還擁有價值數百萬美元的剩余未歸屬股票,但根據現行高管離職協議,他無法獲得這些股票。截至本周二,他持有109321份未歸屬的限制性股票單位,這意味著他的經紀賬戶中的股票尚未轉化為實際價值。按照本周二的股價計算,這些未歸屬的股權值另外的1000萬美元。
星巴克沒有立即回應置評請求。
西爾弗曼說:“目前還不清楚納拉西姆漢和星巴克之間是否達成了終止協議,該協議將取代他的雇傭協議和公司為包括首席執行官在內的高管制定的基本離職補償方案。如果沒有達成新協議,納拉西姆漢將放棄所有未歸屬的股權獎勵,并以工資、獎金和福利遣散費的形式帶走約1060萬美元的現金。”
根據2022年9月的聘書,納拉西姆漢的基本工資為130萬美元,現金獎金為基本工資的200%至400%,年度股權獎勵的目標授予價值為1360萬美元。他還獲得了160萬美元的簽約獎金和900萬美元的補替津貼,以彌補他在2022年離開英荷消費品公司利潔時(Reckitt Benckiser)所放棄的股權。
即使他沒有就其1060萬美元的薪酬額外爭取任何好處,考慮到納拉西姆漢擔任星巴克首席執行官的17個月期間,該公司表現不佳,這筆報酬也算豐厚了。在此期間,星巴克的股價下跌了23.9%,原因是同店銷售額連續幾個季度下降,其中在中國的銷售額下降了18%。這導致星巴克的市值縮水320億美元。
專家稱,納拉西姆漢被迫離職
盡管如此,董事會主席梅樂蒂·霍布森(Mellody Hobson)在納拉西姆漢離任時還是送上了熱情的祝福,并感謝他的奉獻精神和“激光般的專注力”。然而,根據高管離職分析公司Exechange的一份報告,他很可能是迫于巨大壓力才離職的。鑒于首席執行官幾乎從未被公開解雇,該公司對首席執行官是否迫于壓力而離職的可能性進行了排名。創始人丹尼爾·舒伯(Daniel Schauber)表示,從0到10的評分標準來看,納拉西漢迫于壓力離職的可能性為9。
舒伯的報告指出,前首席執行官霍華德·舒爾茨曾寫過一封批評星巴克的公開信,而激進投資機構埃利奧特管理公司(Elliott Management)在幾周前收購了星巴克的大量股份。
最初有報道稱,埃利奧特管理公司與星巴克董事之間的談判將允許納拉西姆漢保留其職位。在宣布尼科爾的任命后不久,埃利奧特管理公司發表聲明承認了雙方的討論。
管理合伙人杰西·科恩(Jesse Cohn)和合伙人馬克·斯坦伯格(Marc Steinberg)在聲明中表示:“由于我們對這個世界上最重要的品牌之一的長期價值創造機會充滿信心,埃利奧特管理公司已成為星巴克最大的投資者之一。”
他們補充說:"我們認為今天的任命宣布是公司向前邁出的具有轉折意義的一步。我們對任命布萊恩·尼科爾表示歡迎,并期待繼續與董事會合作,推動星巴克實現全部潛力。”
納拉西姆漢還有資格獲得職業介紹方案或2.5萬美元的職業介紹服務。他還必須簽署一份免責聲明,并遵守競業禁止條款等限制性條款。
星巴克的首席財務官拉切爾·魯杰里(Rachel Ruggeri)在該公司工作了24年,她將擔任臨時首席執行官,直到尼科爾于2024年9月9日上任。(財富中文網)
譯者: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.