In a surprising leadership transition, Starbucks has announced the appointment of Brian Niccol as its new chairman and CEO, effective September 9. Niccol, a renowned executive with a history of successfully revitalizing companies, steps into the role following the unexpected departure of Laxman Narasimhan, who held the position for just over a year.

Niccol’s reputation as a turnaround specialist has made him one of the most sought-after leaders in corporate America. His track record includes spearheading the resurgence of Taco Bell and, most recently, Chipotle Mexican Grill. In 2018, Niccol took over at Chipotle during a turbulent period, following several high-profile foodborne illness outbreaks that affected over 1,000 customers. Under his leadership, Chipotle experienced a dramatic recovery, with revenues nearly doubling. Niccol achieved this by driving product innovation and enhancing employee benefits, including a program that covers college tuition for employees at select institutions.

Starbucks is now banking on Niccol’s expertise to reverse declining sales and restore the brand’s status as a premium coffee destination. The company is hoping that his leadership will re-energize the brand and re-engage customers who have become less willing to pay premium prices for its products.

In a regulatory filing, Starbucks disclosed the details of Niccol’s compensation package, which includes a $10 million cash bonus and $75 million in equity, designed to offset the benefits he forfeited with his abrupt departure from Chipotle. The equity portion of his compensation will vest over time and is tied to performance targets. If Starbucks meets these ambitious goals, Niccol’s total compensation in his first year could exceed $100 million.

Niccol’s base salary will be $1.6 million, with an annual cash incentive opportunity set at 225% of his base salary, with a maximum potential payout of 450%. If all performance incentives are met, he could earn an additional $8.8 million.

Starbucks is optimistic that Niccol’s leadership will mark a new chapter for the brand, solidifying its position in the competitive coffee market.