8-KLeadership ChangesRegulation FDExhibits & Filings

STARBUCKS CORP 8-K Report, Executive Changes (Jan 29, 2014)

Filed January 29, 2014For Securities:SBUX

Summary

Starbucks Corporation (SBUX) filed an 8-K on January 29, 2014, to announce significant changes to its executive leadership team. The company is promoting Troy Alstead to Chief Operating Officer and Scott Maw to Executive Vice President and Chief Financial Officer, effective February 3, 2014. These appointments are part of a new leadership structure designed to strengthen Starbucks' global financial and operating organization. Mr. Alstead's promotion to COO signifies a broader operational oversight, including responsibility for the EMEA business segment and continued leadership of Global Technology and Global Supply Chain. Mr. Maw's appointment as CFO positions him to lead the company's global finance function. Both executives received new compensation packages, including base salary increases, bonus targets, and significant equity grants composed of stock options and RSUs with multi-year vesting schedules, reflecting their expanded roles and responsibilities.

Key Highlights

  • 1Starbucks announced a new executive leadership structure to enhance global financial and operating capabilities.
  • 2Troy Alstead promoted to Chief Operating Officer, taking on broader operational responsibilities.
  • 3Scott Maw promoted to Executive Vice President and Chief Financial Officer, overseeing global finance.
  • 4Both promotions are effective February 3, 2014.
  • 5Mr. Alstead will now oversee the EMEA business segment and retain leadership of Global Technology and Supply Chain.
  • 6New compensation packages for both executives include base salary, annual bonus targets, and equity grants (stock options and RSUs) with multi-year vesting.
  • 7The appointments are intended to bolster the company's financial and operating organization globally.

Frequently Asked Questions

The main purpose of this filing is to announce significant changes in Starbucks' executive leadership, specifically the promotion of Troy Alstead to Chief Operating Officer and Scott Maw to Chief Financial Officer, effective February 3, 2014. This is part of a strategic move to strengthen the company's global financial and operating organization.

Troy Alstead will serve as Chief Operating Officer, overseeing day-to-day enterprise operations, including the EMEA business segment, Global Technology, and Global Supply Chain. Scott Maw will be Executive Vice President and Chief Financial Officer, responsible for the company's global finance function.

Both executives received new compensation packages. Troy Alstead will have an annualized base salary of $900,000, a 120% bonus target, and an equity grant valued at $1,250,000. Scott Maw will have an annualized base salary of $550,000, a 75% bonus target, and an equity grant valued at $600,000. Both equity grants consist of stock options and RSUs with four-year vesting schedules.

The filing focuses primarily on the executive leadership changes and their associated compensation. It also mentions that the press release detailing these announcements is furnished as an exhibit.