Just for perspective here,
1000 * $15/hr = $15,000 / hr $96,000,000 / $15,000 / hour = 6,400 hours 6,400 hours / 40 hours / week = 160 weeks 160 weeks / 52.17857 weeks / year = 3.0663929655412174 yearsThey could afford to keep those employees on for another 3 Years with that amount.
They could have paid every one of those employees nearly 6 figures instead. If the company is doing so badly that they feel they need to lay off a thousand people, they should not be handing out CEO bonuses, period.
Pretty sure a good portion of that was union busting, but that’s what we’re all about now.
This would not shock me in the slightest
That’s $96,000 per layed off worker
This is the same douche canoe that was the CEO of Chipotle and denied that the serving sizes were getting smaller and told people to just harass the worker making the food if they thought their serving size was to small.
Also the same guy trying to green wash plastic waste to be customer responsibility while commuting on a private jet from Southern California to Seattle.
I have never gone to a Starbucks and I never will. It’s not that hard to do that. They will never get even a penny out of me.
Fair warning, if you’re brewing coffee at home it’s still possible to buy Starbucks.
Most of the coffee at Costco is just rebranded Starbucks beans. A lot of dark roast coffee is secretly shitty Starbucks beans. If it smells like cigarettes at any point, you’ve probably got Starbucks coffee.
The only reason i would go to a Starbucks is to look at the people working and buying coffee there. Or to meet a cute person behind the counter, but i have never nore will i spend money in that
I already have dirty toilet water at home, I don’t see why I would pay Starbucks for it.
Just some fun basic math for everyone…
$96 million / 1000 (workers) = $96,000
Want a worse number? Back in 2019, the price of commodity was at less than a $1. Starbucks, at the time made up 3% of the world’s production. They decided to give $20m to their farmers. Did it help? Well based on available financial data at the time, $20m was approximately single afternoon’s profit for the company. A SINGLE FUCKING AFTERNOON! https://sprudge.com/starbucks-would-prefer-you-dont-think-too-hard-about-that-20m-relief-fund-151839.html
Yes, but that’s irrelevant, just an accidental “post-” fact.
I think more relevant basic math is that he got a 2.6% bonus in terms of annual net income of the group.
The other 97.4% of labour just goes to shareholders (“landlords” of the financial system).
🍽️🤑
I don’t get it. We did not let kings and lords and counts keep their belongings. Why are we treating this scum any different?
In the time of kings and lords, it got way, way worse than this.
Not saying we should wait that long now, just saying.
Capitalism has no face to punch
It has many!
Target rich environment
So he literally stole their salaries. We can’t put up with millionair ceos anymore, it needs to be outlawed…
Just so people are aware, Starbucks was caught buying from farms in Brazil multiple times that used slave labor. In Guatemala, along with Nestle, were caught buying from farm(s?) that used child labor.
EDIT: On top of this the company partnered with Conservation International to certify the farms met the company’s standards. The incident in Brazil saw CI trying to coverup the certification of that farm. Also CI is involved with arms dealing.
EDIT 2: Their retail products have the claim “100% Ethically Sourced”. That is a lie.
Is this the same nestle slave labor case that went to the Supreme Court where nestle was successfully defended by former Obama solicitor Neal Katyal, or have they done this more than once?
Their retail products have the claim “100% Ethically Sourced”. That is a lie.
That all depends on which ethical code you’re referencing for your statement. I 100% believe that Starbucks sources according to their corporate ethical standards.
That’s not how words work. Don’t give them an inch, even as a joke.
I am unable to find a news report now, but I am certain I read one back in 2018 or 2019. I believe that Conservation International (an organization that helped develop the C.A.F.E. standard the company uses) was discovered covering up the certification of one of the farms in Brazil. As I remember reading, that a farm was at the time listed somewhere as being certified but after slave labor was discovered, CI uncertified the farm and attempted to claim it failed to meet the C.A.F.E. standards, thus never was awarded certification. They weren’t saying the certification was revoked; it never had any.
Do you have a source for that? I want to read more about it.
Here are three different reports regarding three different instances in Brazil. https://news.mongabay.com/2019/05/slave-labor-found-at-second-starbucks-certified-brazilian-coffee-farm/
https://news.mongabay.com/2018/09/slave-labor-found-at-starbucks-certified-brazil-coffee-plantation/
Here is one on the Guatemala incident. https://www.theguardian.com/business/2020/mar/01/children-work-for-pittance-to-pick-coffee-beans-used-by-starbucks-and-nespresso
Awesome, thank you! Support local coffee shops, people!!!
There’s absolutely no way he’s adding enough value compared to Joe MBA to justify that compensation.
That’s what I’m trying to do understand as well. What’s the explanation for these kinds of things? What’s the actual sequence of events and how conditions that lead to these things? Why would the board approve of this kind of compensation?
“It’s a big club, and you ain’t in it.”
Don’t use Starbucks anymore. It’s American
Don’t use Charbucks anymore. It’s shit coffee
This is the guy that commutes from LA to Seattle on a private jet?
Yeah, same guy who fired nearly everyone at the Chipotle corporate office in Denver so he didn’t have to commute.
That’s…man I hope you’re wrong as that’s awful.
In 2018 Niccole laid off 400 at the Denver and New York locations so that HQ could be relocated to Newport Beach, where he lived at the time.
That was just the 400 FTEs. There were also lost of contractors that were affected as well! Most people don’t count them since they could have been let go for any reason.
Of course that wasn’t the official reason he gave. He hired a management consultant group to do a study of where all the top restaurant talent was in the country. Surprise, surprise, all the criteria they were given led them to narrow down the ideal location for the corporate headquarters to be right next to his house in Newport Beach.
How the fuck isn’t this stuff against business laws. How does this not break the fiduciary duty by self-dealing?
If what you’re saying is accurate then he’s a pro at creating parallel evidence.
Who am I kidding? Anyone who could bring a suit against the CEO probably doesn’t care.
wasteful hubristic meatballs
I’m just amazed no one goes Luigi when shit like that happens…
OC to Seattle, but yes. The guy didn’t want to relocate from Newport Beach, so they bought him a jet to make his weekly “commute.”
Wasn’t it daily commute?
Iirc he flies up Monday, stays in the corporate penthouse during the week, then flies back Thursday or Friday. I’ll be honest I haven’t kept up on it as I really don’t care lol, I just remember the article from a few months or whatever back.
Makes more sense.
Looks like Luigi got another flag to reach
Luigi did his part
Maybe we need Mario now?
Friendly reminder, comrades: There is no such thing as a good billionaire. From the East to the West, they are humanity’s enemy.
“Good billionaire” is an oxymoron like jumbo shrimp. You can be good, or a billionaire but not both. If you were good, you wouldn’t have a billion dollars.
Happy Cake Day!
96 million could pay the salaries of basically 2000 baristas
Probably how they determined the amount of the bonus. His idea, he got a cut.
