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Starbucks awards new CEO pay package worth up to $113mn

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Starbucks awards new CEO pay package worth up to 3mn

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Starbucks has awarded its new chief executive Brian Niccol cash and stock potentially worth more than $100mn, one of the largest hiring packages in US corporate history and four times larger than the sign-on deal offered to his ousted predecessor.

If paid out in full, the package — revealed in a regulatory filing on Wednesday — would make Niccol one of America’s highest paid CEOs. The contract would be worth $113mn if he hits the targets Starbucks has set for him.

Starbucks named Niccol as its fourth boss in less than three years on Tuesday after the surprise ousting of CEO Laxman Narasimhan, the former Reckitt Benckiser chief executive.

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Niccol will arrive at Starbucks next month from burrito chain Chipotle Mexican Grill, where since 2018 he led a revival in its business and reputation after a series of food safety scares. Shares of Chipotle gained almost 800 per cent during his tenure.

To start, Niccol will receive a $10mn cash bonus upfront and another $75mn in equity grants designed to pay out over time, to compensate him for bonuses and unvested stock he left behind at Chipotle.

Annually, Niccol will earn a $1.6mn salary plus a target cash bonus worth about $3.6mn depending on how Starbucks performs. That is in addition to a long-term equity grant with an annual target value of $23mn, to be paid out over multiple years.

“The (Starbucks) board’s willingness to pay such a high price is testament to the faith they have in Niccol,” said Ben Silverman, vice-president of research at Verity, an analytics firm. “But he’s going to have to prove that he’s worth it because his annual compensation is about 75 per cent higher than that of his predecessor.”

Last year Niccol’s total pay at Chipotle was $22.5mn, while the value of his unrealised gains from past equity incentive grants was more than $82mn, according to a regulatory filing.

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The package from Starbucks comes with an unusual perk: Niccol would not be required to move to its Seattle headquarters, according to the filing. Instead, the company will establish a “small remote office” in Newport Beach, California — the city to which Niccol had moved Chipotle’s headquarters from Denver — plus pay for an assistant of his choosing.

Only five other executives were awarded pay packages worth more than $100mn in 2023, according to a June report from Equilar, a pay data company, of the largest US companies by revenue. Such contracts are particularly unusual outside the financial and technology sectors.

Niccol’s target annual remuneration would be 83 per cent above the median target at other S&P 500 restaurant groups, such as Chipotle, Darden, Yum Brands and McDonald’s, said Courtney Yu, director of research at Equilar.

“Brian Niccol has proven himself to be one of the most effective leaders in our industry, generating significant financial returns over many years,” Starbucks said, adding that his pay was “tied directly to the company’s performance and the shared success of all of our stakeholders”.

When Starbucks hired Narasimhan from UK-based consumer products group Reckitt in 2022, he was offered a package valued at more than $28mn. This included a base salary of $1.3mn, annual cash bonuses worth up to $2.6mn and annual equity awards with a target value of $13.6mn.

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In addition, Starbucks agreed to pay Narasimhan a $1.6mn signing on bonus in cash and $9.25mn in equity to compensate him for incentives he gave up by leaving Reckitt.

Starbucks did not detail the terms of Narasimhan’s severance payout.

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Utah County declares State of Emergency as wildfires ‘ravage’ the state

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Utah County declares State of Emergency as wildfires ‘ravage’ the state

UTAH COUNTY, Utah (ABC4) — Utah County has declared a state of emergency.

According to an announcement from the Utah County Commissioner Skyler Beltran, the county is in a dire position due to the extensive wildfires in the area and high fire risk.

The announcement states that declaring the State of Emergency will allow the county to access additional resources, and notes there is no imminent threat to Utah County residents.

“We have utilized a tremendous amount of our resources (very early in the traditional fire season schedule) responding to the Iron Fire and continue to face ongoing recovery concerns,” the statement read. “This was even before the Maple Peak and Cherry fires, which have now merged and are moving toward the Iron Fire.”

The Iron Fire, which started last week, has burned over 40,000 acres. Around 22,830 of those acres were in Utah County. Reportedly, the county has limited resources available to help those who are evacuating from Juab County, including the 600 residents in the Town of Eureka.

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Due to the influx in evacuees, the Utah County Commission says that more resources are necessary to help the evacuation shelters in Elberta, Utah. Additionally, due to the Iron Fire and other wildfires, Utah County is facing immense repair needs to avoid future flooding, loss of homes, and disruption to local economies and ecosystems.

There is “imminent threat” to public safety due to the damage.

The commission also asks the public to be vigilant when handling heavy equipment, using campfires or barbecues, and discharging fireworks, to avoid preventing fires.

Their statement added, “Our firefighters are exhausted, our resources are stretched thin and we are in a very vulnerable position.”

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

The justices of the U.S. Supreme Court, with Justice Sonia Sotomayor (seated left) and Justice Samuel Alito (seated second from right).

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As the Supreme Court heads into the announcement of its final and hugely important opinions next week, there are reverberations from this week’s announcements, and Justice Samuel Alito’s public rebuke of his colleague Justice Sonia Sotomayor.

On Thursday, Justice Alito summarized from the bench three very big opinions he authored for the court’s six justice conservative majority. Alito, unlike most of his colleagues, doesn’t spend much time on these summaries. And it is rare that a justice has three big opinions to announce, but it is almost the end of the term, and there are a lot of big cases still outstanding.

The first case he announced came and went. Alito then moved on to a second case, this one tests whether migrants may apply for asylum in the U.S. by going to one of several ports of entry along the U.S.-Mexican border, and presenting themselves for admission. This entails presenting documents that persuade an asylum officer that applicants’ fear of persecution in their home country is credible enough to allow them to enter the U.S. while their asylum application is processed. Alito’s opinion ruled in favor of the Trump administration’s policy of refusing all such applicants by blocking them at the border. It was a policy also followed at one time by the Obama administration until it was blocked by the lower courts.

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After Alito finished his summary of the opinion, he paused, at which point Justice Sotomayor read a summary of her contrary views in dissent. When she finished, however, Justice Alito did not move on to the announcement of his third opinion. Instead, he did something that nobody in the press corps ever remembers happening before. Looking much as if he had just bitten into a lemon, Alito said, “There is much that I would have added to my bench statement had I known there would be a dissent read.” And he then went on to a short extemporaneous rebuttal.

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

The widow and the daughter of Maurice Pierce, one of the four men wrongfully accused in the 1991 Texas yogurt shop murders, have confirmed they signed a multimillion-dollar settlement with the city of Austin.

Kimberli and Marisa Pierce spoke with correspondent Erin Moriarty in a new episode of the podcast “48 Hours: Case by Case.” Moriarty has reported on the yogurt shop murders for over 30 years. 

Maurice Pierce’s widow Kimberli made clear that their priority has never been financial compensation. “It’s blood money for us. He died for this money,” Kimberli Pierce said. “It’s about the reform and the changes that need to happen, not only in Austin, but apparently across the country.”

They also went into great detail about what they believe happened when Maurice Pierce was shot and killed by police in 2010. 

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Maurice Pierce was one of four men, along with Michael Scott, Robert Springsteen and Forrest Welborn, who were wrongfully accused in the murders of four teenage girls in Austin on Dec. 6, 1991. Eliza Thomas, Amy Ayers, and sisters Jennifer and Sarah Harbison were tied up, shot and left inside the yogurt shop as it was set ablaze. 

The four men were exonerated in February after investigators linked another man, Robert Eugene Brashers, to the killings. The city of Austin subsequently offered a $35 million settlement. Because Maurice Pierce died in 2010, his share of $10 million will go to Kimberli and Marisa Pierce.

Eight days after the killings, 16-year-old Maurice Pierce was arrested at a mall, carrying a .22, the same caliber handgun connected to the crime. Kimberli Pierce said police told Maurice Pierce that his gun was the murder weapon. He responded by mentioning his friend Forrest Welborn. Maurice Pierce was then wired up and sent to speak with Welborn, but investigators ultimately determined that Welborn and the others knew nothing about the murders, and no charges were filed at that time.

Marisa Pierce has said there was no evidence when her father was questioned, “only a detective and a narrative, a narrative so completely false. It feels evil.”

From left, Maurice Pierce, Forrest Welborn, Michael Scott and Robert Springsteen were exonerated in February 2026 after investigators linked another man, Robert Eugene Brashers, to the December 1991 killings of four teenage girls in an Austin, Texas, yogurt shop. 

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Nearly eight years later, in 1999, all four men were arrested after Scott and Springsteen confessed to the murders. They later recanted, saying they had been coerced. Springsteen and Scott were tried and convicted, but later those convictions were overturned on constitutional grounds. A subsequent DNA test excluded all four men. Maurice Pierce was never convicted but spent three years in jail before his release in 2003. 

Kimberli Pierce said her husband came home a hardened man. She believes police continued to harass Maurice and their family after his release. In 2010, Maurice Pierce was stopped for a routine traffic stop, fled on foot, and was shot and killed by an Austin police officer who said Pierce had stabbed him with a knife. 

Marisa and Kimberli Pierce told “48 Hours” that they intend to review the circumstances surrounding the night of Maurice Pierce’s death. Marisa Pierce revealed in new, emotional detail that she was on the phone with her father at the time. She believes he panicked and was only trying to get away, not to hurt anyone. She described her father’s last breaths: “And in those last moments, he had just said I’m sorry, I don’t think you’re gonna see me again, and I love you.” 

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“48 Hours” reached out to the Austin Police Department about the Pierces’ allegations of harassment and their questions about Maurice Pierce’s death in 2010. The police department said they had no additional comment.

For the Pierce family, the settlement is a starting point, not an end point. They have put forward seven proposed reforms they hope the city of Austin will approve, including appointing a child advocate whenever a minor is questioned, prohibiting deceptive interrogation tactics, educating juveniles about their rights and establishing accountability measures to address tunnel vision in police investigations.

In a statement shared with “48 Hours,” the Pierces wrote: “Real justice is not only about acknowledging harm after the fact but about creating safeguards that prevent future families from enduring the same pain.”  

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