8-KLeadership ChangesExhibits & Filings

STARBUCKS CORP 8-K Report, Executive Changes (Sep 12, 2019)

Filed September 12, 2019For Securities:SBUX

Summary

Starbucks Corporation (SBUX) announced a significant change to its Board of Directors through an 8-K filing on September 11, 2019. The company's Board size was expanded from 10 to 13 members with the election of three new directors: Richard E. Allison, Jr., Andrew Campion, and Isabel Ge Mahe. This expansion and appointment of new directors are designed to enhance the board's expertise and oversight capabilities as the company continues its global growth strategy. Each of the newly appointed directors will receive compensation in line with the company's standard program for non-employee directors. Notably, there are no disclosed arrangements or related-party transactions involving these new directors that would require further disclosure under SEC regulations. The accompanying press release provides further details on this board refreshment and the roles these new members will play within key board committees.

Key Highlights

  • 1Starbucks expanded its Board of Directors from 10 to 13 members.
  • 2Three new directors were elected: Richard E. Allison, Jr., Andrew Campion, and Isabel Ge Mahe.
  • 3Richard E. Allison, Jr. was appointed to the Compensation and Management Development Committee.
  • 4Andrew Campion was appointed to the Audit and Compliance Committee.
  • 5Isabel Ge Mahe was appointed to the Nominating and Corporate Governance Committee.
  • 6New directors will receive standard compensation for non-employee directors, prorated for their first year.
  • 7No disqualifying arrangements or related-party transactions were disclosed for the new directors.

Frequently Asked Questions

Starbucks expanded its Board of Directors to increase its overall size and bring in new expertise. The addition of three directors suggests a strategy to enhance governance, oversight, and potentially provide specialized skills to support the company's ongoing operations and growth initiatives.

While the 8-K filing announces their election, it does not detail the specific professional backgrounds or experience of Richard E. Allison, Jr., Andrew Campion, and Isabel Ge Mahe. Investors would typically find this information in the press release (Exhibit 99.1) or in future proxy statements.

The new directors will be compensated according to Starbucks' standard program for non-employee directors. This includes prorated annual compensation for their first year serving on the Board.

According to the filing, there are no arrangements or understandings that led to their election, nor are there any related-party transactions that require disclosure under Item 404(a) of Regulation S-K, indicating no immediate conflicts of interest were identified by the company.