8-KLeadership Changes

STARBUCKS CORP 8-K Report, Executive Changes (Jun 8, 2012)

Filed June 8, 2012For Securities:SBUX

Summary

This 8-K filing from Starbucks Corporation (SBUX) on June 8, 2012, primarily announces a key executive appointment and related compensation details. Annie Young-Scrivner, currently the Chief Marketing Officer and President of Tazo Tea, has been appointed Executive Vice President and President of Starbucks Canada, effective around October 1, 2012. This transition signifies a strategic move within Starbucks' leadership, with a high-level executive taking on a significant international market role. Investors should note that while her new role involves an international relocation, her base salary, bonus opportunity, and long-term incentives are expected to remain unchanged, with only standard relocation and expatriate benefits being provided.

Key Highlights

  • 1Appointment of Annie Young-Scrivner as EVP and President, Starbucks Canada, effective October 1, 2012.
  • 2Ms. Young-Scrivner's current roles include Chief Marketing Officer and President, Tazo Tea.
  • 3Her compensation elements (base salary, bonus, long-term incentives) will remain unchanged.
  • 4She will receive standard relocation and expatriate benefits for the international move.
  • 5This is a significant executive movement to a key international market.
  • 6The appointment was approved by the Performance Compensation Subcommittee of the Compensation and Management Development Committee.

Frequently Asked Questions

Annie Young-Scrivner is a key executive at Starbucks. She is currently the Chief Marketing Officer and President of Tazo Tea. She has been appointed to the position of Executive Vice President and President of Starbucks Canada, and is expected to assume this new role around October 1, 2012.

No, her base salary, Executive Management Bonus Plan opportunity, and long-term incentive compensation opportunity will remain unchanged. She will, however, receive the standard relocation and expatriate benefit package provided to executives undertaking similar international moves.

The appointment of a high-level executive like Ms. Young-Scrivner to lead Starbucks Canada highlights the importance of this market to the company's global strategy. It signals a commitment to strengthening leadership in key international territories.