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Starbucks New CEO Brian Niccol under fire for 1,000-mile commute

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Starbucks New CEO Brian Niccol under fire for 1,000-mile commute

Starbucks’ recently appointed CEO, Brian Niccol, has come under fire after it was disclosed that he will fly nearly 1,000 miles (1,600 kilometres) from his family home in Newport Beach, California, to the company’s headquarters in Seattle on a corporate aircraft.

Critics have pointed out a mismatch between the company’s stated stance on environmental issues and the lifestyles of its top executives, as well as worries about whether Starbucks’ three-day office working limit will apply to him.

Mr Niccol is set to take over the world’s largest coffee shop chain on September 9.

Starbucks did not replied to the BBC’s requests for comment.

Mr. Niccol’s job offer said that he would not be obliged to relocate to the company’s headquarters. However, he agreed to commute from his apartment to the headquarters as needed to execute his duties and obligations.

According to the paper, he will be able to use the company’s aircraft for “business related travel” as well as “travel between [his] city of residence and the company’s headquarters”.

Starbucks has also stated that it will set up a modest remote office in Newport Beach for Mr Niccol to utilise while working from California.

Starbucks offers a mixed work arrangement that requires employees to be in the office at least three days per week.

The corporation has not verified whether the same criteria will apply to Mr Niccol, or whether his work from the new distant location in California will meet those requirements.

According to Dan Coatsworth, an investment analyst at AJ Bell, Mr Niccol “on paper” has the “same hybrid working terms as other office-based employees, as one might expect.”

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“However, what leaves a sour taste is the idea he can use a private jet to nip 1,000 miles between California and Seattle,” according to him.

Mr Coatsworth stated that operating a private jet was not only terrible for the environment and would convey the wrong image to consumers and staff, but it was also “ultimately not a practical way to run a $105 billion business with an estimated 400,000 employees.”

“A leader needs to be at the heart of a business, not sitting on the beach enjoying the perks of the job,” he told reporters.

“Brian Niccol was draughted in to give Starbucks a fresh lease on life, implying he faces a significant challenge. This isn’t taking over a thriving firm; it’s a repair job that requires constant presence in the engine room.

The question of where people work has come up in recent years, with organisations in a variety of industries debating whether to continue the remote work practices that exploded during the coronavirus pandemic.

According to Andrew Speke, a spokesperson for the High Pay Centre, a research tank that studies executive pay, it is critical for corporate leaders to ensure that “employees can see that it’s not one rule for them and one rule for their bosses”.

The question of where people work has come up in recent years, with organisations in a variety of industries debating whether to continue the remote work practices that exploded during the coronavirus pandemic.

According to Andrew Speke, a spokesperson for the High Pay Centre, a research tank that studies executive pay, it is critical for corporate leaders to ensure that “employees can see that it’s not one rule for them and one rule for their bosses”.

The circumstances of his job also drew criticism on social media.

“That’s nice… great convenience for high talent! But I hope we don’t see too many new’sustainability’ and ‘environment’ advertising from @starbucks. One X user commented, “*Wink*.”

“The new Starbucks CEO is ‘supercommuting’ 1,000 miles to Seattle on a private jet to work, so don’t be too harsh on that waitress who gave you a plastic straw when you didn’t want one,” according to another.

Some industries, such as banking, indicated early on that they expected employees to return to the office full-time, while others, particularly in the technology industry, have stated that they will accept remote work indefinitely. Many places have chosen a combination.

Others focused on how much Mr Niccol is expected to earn in his new job.

Former US Secretary of Labour Robert Reich questioned why CEO remuneration is rarely discussed in discussions about rising pricing.

According to the conditions of his offer, Mr Niccol’s yearly base salary will be $1.6 million (£1.2 million). In addition, he could receive a $7.2 million performance incentive and up to $23 million in Starbucks stock per year.

According to a 2021 UN assessment, the world’s wealthiest 1% emit twice as much carbon as the poorest 50% combined.

This month, Starbucks announced that Mr Niccol will take over as CEO, replacing Laxman Narasimhan.

The statement came as the coffee chain sought to bolster declining sales.

Mr Niccol had managed the Mexican fast food giant Chipotle since 2018, guiding the company through a crisis caused by food poisoning incidents.

During his tenure, the company’s sales doubled, and its stock rose from less than $7 per share to more than $50.

Chipotle also opened around 1,000 new locations and introduced new technologies to automate food production.

In recent months, it has been viewed as a bright spot in the restaurant industry, when many firms have claimed that customers are spending less.

Source: BBC

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‘Fake Heiress’ Anna Sorokin Debuts On ‘Dancing With The Stars’ — With A Sparkly Ankle Monitor

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Los Angeles — Anna Sorokin, a convicted con artist, appeared on “Dancing With the Stars” with a featherweight — and extremely glittery — ankle monitor.

The so-called ‘fake heiress,’ who was convicted of swindling banks, hotels, and friends in 2019 after fraudulently claiming to be a wealthy German heiress named Anna Delvey, debuted the ballroom-worthy ankle monitor during the launch of “Dancing With the Stars'” new season Tuesday night.

“It’s not a huge deal at all. It’s quite light, and I asked them to tighten it so it doesn’t droop. So it’s not too horrible,” she told The Associated Press following the premiere. She and professional dancer Ezra Sosa performed a routine to Sabrina Carpenter’s “Espresso.”

sorokin

‘Fake Heiress’ Anna Sorokin Debuts On ‘Dancing With The Stars’ — With A Sparkly Ankle Monitor

“It’s the real star of the show, let’s be honest here,” Sosa said of Sorokin’s glittering ankle monitor.

“I think it’s kind of funny how people like — it’s not like an ankle weight,” Sosa told reporters. “It’s not like twenty pounds. It’s literally less than a pound, so it’s no big issue.”

Sorokin recognized that her debut did not go as expected.

“I feel relieved that it’s over,” she stated. “I feel like my dance could have been a little bit better, but I’m happy I’ve done this and it was a great experience all over.”

Sorokin expressed optimism that viewers will be forgiving despite her criminal history.

“Hopefully, people will give me a chance to demonstrate what I can do. “And I served my sentence and paid my restitution,” she claimed.

sorokin

‘Fake Heiress’ Anna Sorokin Debuts On ‘Dancing With The Stars’ — With A Sparkly Ankle Monitor

Early fan reactions were negative, with the phrase “Anna Delvey’s Lacklustre DWTS Debut” trending on social media site X.

She was released from prison in February 2021, but immigration authorities apprehended her immediately after, stating she had overstayed her visa and needed to be repatriated to her native Germany. The “Inventing Anna” inspiration was in ICE custody for more than a year before a judge paved the way for her to be transferred to house confinement in October 2022 while fighting deportation.

Her parole conditions had to be modified to allow her to travel from New York to Los Angeles for filming.

SOURCE | AP

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Wojnarowski, ’91, Steps Down as ESPN General Manager to Join Bonnie’s Basketball Program

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(VOR News) – Adrian Wojnarowski is leaving journalism to become St. Bonaventure men’s basketball general manager.

“I am delighted and honoured to be back at St. Bonaventure University, and the chance to contribute to Coach Mark Schmidt and our prestigious Atlantic 10 men’s basketball program,” Wojnarowski said.

“During these dynamic eras of collegiate athletics, I am excited about becoming part of a championship program that integrates elite basketball, widespread television visibility, professional training, and future-oriented learning opportunities inside a close-knit and nurturing educational setting.”

Wojnarowski will help the coaching staff recruit, engage with families and alumni players, raise money for professional player programs, coordinate collective efforts, run the transfer portal, and capitalise on NIL opportunities as general manager.

Since 2022, some mid-major and power conference schools have hired general managers, especially for men’s basketball and football, to keep up with the fast-changing collegiate sports market.

The director of basketball operations wanted to share NBA success stories and new ideas with the community. The director also stressed the importance of global possibilities for our players in athletics and in life.

Vice President and Director of Intercollegiate Athletics Bob Beretta called Wojnarowski’s selection a “incredible opportunity” for the university, men’s basketball, and athletics.

“Amidst significant upheaval in the intercollegiate athletics industry, we are conclusively demonstrating that St. Bonaventure remains at the vanguard of transformation,” he said. “This is an audacious decision that is in line with our institutional objectives to sustain and thrive.”

Beretta believes Wojnarowski’s global basketball network will aid the endeavour.

Woj understands St. Bonaventure and Franciscan ideals, the president stated, in addition to his extensive professional and intercollegiate basketball network.

“The willingness of the most accomplished journalist in his profession to relinquish a lucrative media career in order to provide support to his alma mater is a clear indication of his deep affection and great enthusiasm for Bonaventure.”

Schmidt called Wojnarowski’s hire a “home run.”

“Recruiting and retention in the new NIL college basketball landscape are crucial,” said Schmidt, the school’s most successful men’s basketball coach. “Woj is as connected as anyone in the basketball world and his decades-long network of relationships can only help our program remain among the top teams in the Atlantic 10 going forward.”

Wojnarowski plans to leave his lucrative ESPN position in 2022 to support the university that changed his life. The Jandoli School of Communication and Basketball has received funding from him and his 92-year-old wife Amy.

“I express my gratitude to President (Jeff) Gingerich, Bob Beretta, Coach Schmidt, and the collective St. Bonaventure community for extending a warm reception to my wife, Amy, and myself as we reintegrate into the campus community in a new capacity,” he stated. “The university’s stunning campus immediately enthralled us as undergraduate students.” I’m ready to work.

Today on ESPN on X, 1991 graduate Wojnarowski retired.

“While this craft has had a profound impact on my life, I have made the decision to retire from ESPN and the news industry,” he stated. “While I acknowledge the commitment inherent in my work, my level of motivation has diminished compared to my previous state.” The objective is to optimise the use of my finite time.

Wojnarowski edited Yahoo Sports’ Vertical for two years before joining ESPN in 2017. In nearly ten years at The Record of New Jersey, he won two APSE Columnist of the Year awards. He worked for the Waterbury Republican-American and the Fresno Bee for years.

The National Sports Media Association awarded Wojnarowski the Peer Recognition Award for National Sportswriter of the Year in 2017, 2018, and 2019. Red Smith, Jim Murray, Frank Deford, Rick Reilly, Bob Ryan, and Tom Verducci have won this competition three years running.

Wojnarowski wrote “The Miracle of St. Anthony: A Season with Coach Bob Hurley and Basketball’s Most Improbable Dynasty,” a New York Times bestseller.

Wojnarowski received an honorary degree in 2022, spoke at the university’s graduation ceremony, and was named Jandoli School Alumnus of the Year for 2019. His name was also on the school’s Wall of Distinguished Graduates.

Amy and Adrian’s return to Bonaventure will be commemorated with a news conference on Wednesday, September 25, at 4:00 p.m. in the Quick Centre for the Arts theatre. Residents of the university can attend.

SOURCE: BONNIES

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The Bank of England is Largely Expected to Keep Interest Rates Unchanged as Long as Inflation Exceeds its Target.

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Bank of England

(VOR News) – The Bank of England will probably keep interest rates at the same level on Thursday after official data showed that inflation in the UK remained steady in August at an annual rate of 2.2%.

This occurs one day following the official release of the numbers. This is because the higher cost of flying was somewhat offset by decreased petrol prices as well as cheaper costs for lodging and dining.

Additionally, the Bank of England is expected to maintain interest rates.

The cost of borrowing money increased dramatically by central banks worldwide from near zero during the Coronavirus outbreak, as a result of rising supply chain concerns and Russia’s full-scale invasion of Ukraine, which increased Bank of England energy costs, when prices started to soar.

This action was taken in reaction to the notable rise in prices due to the rising cost of electricity. They have started lowering interest rates in response to this scenario, as inflation rates have started to decline from multi-decade highs.

The Office of National Statistics released its most recent figure on Wednesday, and it was in line with market expectations.

This leads one to conclude that, for the second consecutive month, the inflation rate has remained somewhat higher than the 2% target set by the British central bank. For the first time in more than three years, inflation inched closer to the target in June.

The central bank has been progressively lowering its main interest rate by a quarter point since the start of the outbreak, bringing it down to 5% below its starting point.

This was the first decline that has happened since the start of the pandemic. Even though the Bank of England vote was quite close, four out of the nine members decided against changing the original proposal.

The US Federal Reserve is expected to cut interest rates on Wednesday for the first time in the previous four years. Interest rates would be reduced for the first time with this.

The great majority of economists believe that the Bank of England’s monetary policy committee will be on holiday on Thursday. This is due to the fact that several committee members have continuously expressed their concerns about price increases in the vital services industry, which accounts for almost 80% of the UK economy.

The statistical data released on Wednesday indicates that the services sector experienced an increase in inflation in August, from 5.2% in July to 5.6% in August.

Bank of England increased this due to rising airfares across Europe.

Nonetheless, they believe that after the government’s budget was made public on October 30, the bank would probably reduce its deposits once more in November.

Claiming that it is imperative to close a projected 29 billion dollar deficit in the public budget—or 22 billion pounds less than the previous administration estimated—the incoming Labour government has taken office.

Additionally, they have said that they might have to increase taxes and cut spending, which would probably be bad news for the British economy’s short-term outlook and drive down inflation. It is anticipated that this event will have a detrimental effect on the British economy.

According to Suren Thiru, the director of economics at the Institute of Chartered Accountants in Bank of England and Wales, “an interest rate cut on Thursday is looking unlikely with the majority of the Monetary Policy Committee likely to want to assess the impact of next month’s budget before deciding when to loosen policy again.”

Suren Thiru is a member of the Institute of Chartered Accountants in Bank of England and Wales because he is the director of economics.

Suren Thiru made his statement in reaction to the decision that was made by the Monetary Policy Committee regarding when in the future to relax policy once more. On account of the fact that the majority of committee members arrived at this conclusion, this remark could be made public.

SOURCE: AP

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Market Speculation Over the Next Fed Rate Reduction Hides More Fundamental Issues.

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