Starbucks’ chief executive Kevin Johnson is to receive a golden goodbye of at least $60 million when he steps down from his role at the coffee chain, to be replaced by former CEO Howard Schultz, says MarketWatch.

He earned $79 million during his five-year tenure despite underperforming the US benchmark S&P 500 index.

Johnson even made an extra $12 million paper profit on his 3.2 million shares and options in Starbucks, with a gross value of almost $300m, after the share price railed on the news of his retirement. 

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A £2.9 million annual all-share bonus from a new incentive scheme lifted the pay of Warren East, the outgoing CEO of Rolls-Royce, close to pre-pandemic levels last year, says the Financial Times.

His total pay was almost £4 million for 2021, significantly up from the £1.1 million he got the previous year when the pandemic sent “shock waves” through the industry.

Before that, he earned nearly £4.1 million in 2018. East has to hold 40 percent of the new shares for three years and the rest for four years. 

GE’s boss Larry Culp has agreed to a roughly $10m-a- year cut in his potential pay after shareholders raised Warren’s concerns over 2020 pay packages, says The Wall Street Journal.

For 2021, Culp was paid $22.7 million, including a cash bonus of $4.2 million, a $15 million equity award, and $2.5m in salary.

That was substantially less than the $73.2 million he took home the previous year, roughly in line with the $24.6 million he was paid for his first full year leading the company in 2019. 

Kris Paterson is a writer for WhatJobs.com

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