Starbucks grants $96M pay package to new CEO Brian Niccol
Starbucks CEO Brian Niccol earned $96M in just four months, with 94% tied to stock awards, as the coffee giant bets on his leadership to drive growth.
Starbucks CEO Brian Niccol announced job cuts as part of a broader turnaround strategy to address competition and declining demand in the U.S. and China. The cuts, to be revealed by March, won't impact in-store teams or investments in store hours
Starbucks CEO Brian Niccol announced on Friday that the coffee chain will be reducing jobs as part of its efforts to turn the company around. While the specifics of the job cuts will be revealed by early March, Niccol emphasized that in-store teams and investments in store hours would remain unaffected.
Niccol, who previously led Chipotle Mexican Grill and has been in his role at Starbucks for four months, has introduced a series of initiatives to strengthen the business, which has faced challenges due to rising competition and declining demand in both the U.S. and China. "Our size and structure can hinder our progress, with too many layers, small teams, and roles focused mainly on coordination," Niccol said, noting that he will review the structure, role, and size of support teams worldwide.
In October, the company suspended its fiscal year 2025 forecast and outlined plans to revamp its U.S. locations by adding more comfortable seating, ceramic mugs, and a coffee-condiment bar, all while aiming to keep customer wait times under four minutes. Additionally, Starbucks' lead independent director, Mellody Hobson, announced her retirement after nearly two decades with the company.
Aid groups in Myanmar’s worst-hit areas urgently need shelter, food, and water after a devastating 7.7 magnitude earthquake killed over 2,700 people. Rescue efforts face challenges due to ongoing civil war, damaged infrastructure, and restricted aid access, with the toll expected to rise.
French far-right leader Marine Le Pen was banned from running for public office for five years after being convicted of embezzlement, ruling her out of the 2027 presidential race. She received a four-year prison sentence, with two years suspended, and a €100,000 fine. Le Pen plans to appeal.
Apple marked its 49th anniversary by reaching a market capitalization of $3.3 trillion. Despite recent tech stock volatility, Apple's shares surged 28% in 2024.
The Armenian armed forces attempted three reconnaissance drone flights over Azerbaijan Army positions near Gerenzur, but all were successfully intercepted. Meanwhile, Armenian units repeatedly fired on Azerbaijani positions from multiple regions, escalating tensions in the area.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 3rd, covering the latest developments you need to know.
Myanmar's deadly 7.7-magnitude earthquake has claimed over 3,000 lives, with 351 missing and 4,500 injured. As rescue efforts face civil unrest, unseasonal rains threaten survivors. Global aid arrives, while Myanmar's junta declares a ceasefire to support relief efforts.
Russian President Vladimir Putin's investment envoy Kirill Dmitriev met with U.S. officials in Washington on Wednesday as the Trump administration continues to press Russia and Ukraine to agree to a ceasefire, two U.S. officials familiar with the matter said.
Taiwan has reported a sharp increase in Chinese military activity as Beijing concluded two days of war games around the island, intensifying tensions across the Taiwan Strait.
Hunter Biden has voluntarily surrendered his license to practice law in Washington, D.C., following criminal convictions that raised questions about his professional eligibility.
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