8-KCorporate ChangesExhibits & Filings

STARBUCKS CORP 8-K Report, Change in Control (Jun 28, 2018)

Filed June 28, 2018For Securities:SBUX

Summary

Starbucks Corporation announced the upcoming retirement of its Executive Vice President and Chief Financial Officer, Scott Maw, effective November 30, 2018. This transition marks a significant leadership change at a key financial role within the company. A search for a successor has been initiated, and Mr. Maw has entered into a transition agreement to ensure a smooth handover. This agreement includes provisions for Mr. Maw to serve as a senior advisor and subsequently as a senior consultant, receiving specific compensation and a transition bonus. These arrangements are designed to leverage his expertise during the transition period and ensure continuity in financial operations. Investors should monitor the appointment of the new CFO for potential impacts on financial strategy and execution.

Key Highlights

  • 1Scott Maw, EVP and CFO, will retire on November 30, 2018.
  • 2Starbucks has commenced a search process for a new Chief Financial Officer.
  • 3Mr. Maw will transition to a senior advisor role if a successor is appointed before his retirement date.
  • 4A transition agreement includes Mr. Maw serving as a senior consultant from November 30, 2018, to March 31, 2019, for $250,000 per month.
  • 5Mr. Maw is eligible for a $400,000 cash transition bonus, contingent on continued employment and a release of claims.
  • 6The agreement outlines compensation and equity award treatment in specific early involuntary termination scenarios.
  • 7The filing includes the Transition Agreement as Exhibit 10.1 and a press release as Exhibit 99.1.

Frequently Asked Questions

Scott Maw, the Executive Vice President and Chief Financial Officer, is retiring from Starbucks. His retirement date is November 30, 2018.

Starbucks has initiated a search process to find a successor for the Chief Financial Officer position.

The transition agreement allows Mr. Maw to potentially serve as a senior advisor before his retirement, and then as a senior consultant from his retirement date through March 31, 2019, for $250,000 per month. He will also receive a $400,000 transition bonus if certain conditions, like continued employment and signing a release of claims, are met. The agreement also addresses specific situations regarding bonus and equity awards.

The CFO plays a critical role in financial strategy, reporting, and investor relations. A change in this position can signal shifts in financial priorities or strategies. Investors will be keen to understand who replaces Mr. Maw and their experience, as well as the continuity of Starbucks' financial management during and after this transition.