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Starbucks Ceo Will Work For Latte

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by Mark Stein
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Jan 28 2009 5:26pm EDT

Starbucks' CEO: Will Work for Latte

How bad are things at Starbucks?

Look past the company's decision today to close 300 more stores and shed about 6,700.

Get under the 69 percent drop in first-quarter profit, to $64.3 million. That's less than $45 a day in profit from each Starbucks outlet, based on the company's claim to own, license, or have a joint-venture stake in 15,756 stores worldwide.

The real shocker is that founder and CEO Howard Schultz asked the company's board of directors last week to reduce his annual base salary to $1, from the $1.2 million he made last year, the Wall Street Journal reports.

The board actually settled on $10,000 a year. That's enough to cover his health insurance co-payments and leave him a little less than $4 a month to spend, or about the cost of a grande latte.

by Mark Stein

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