8-KLeadership ChangesRegulation FDExhibits & Filings

STARBUCKS CORP 8-K Report, Executive Changes (Jan 7, 2021)

Filed January 7, 2021For Securities:SBUX

Summary

Starbucks Corporation (SBUX) announced a significant leadership transition in its finance department via an 8-K filing on January 7, 2021. Rachel Ruggeri has been appointed as the new Executive Vice President and Chief Financial Officer (CFO), effective February 1, 2021, taking over from Patrick Grismer, who will retire from his CFO role on the same date. Ms. Ruggeri's promotion reflects her extensive experience within Starbucks, having held various senior finance positions since joining in 2001, including her most recent role as Senior Vice President, Finance, Americas. This internal promotion suggests a continuity of financial strategy and leadership. The company has outlined Ms. Ruggeri's compensation package, which includes an annualized base salary of $800,000, an annual bonus target of 120% of base salary, and a promotional equity award valued at $1,000,000 in the form of time-vested RSUs. Patrick Grismer will transition to a senior advisor role until May 2, 2021, and will receive a pro-rated fiscal year 2021 bonus of $658,019 for his transition services, subject to documentation. These details provide transparency regarding executive compensation and transition arrangements.

Key Highlights

  • 1Rachel Ruggeri appointed as new Executive Vice President and Chief Financial Officer (CFO), effective February 1, 2021.
  • 2Current CFO Patrick Grismer to retire as CFO effective February 1, 2021, and transition to a senior advisor role until May 2, 2021.
  • 3Ms. Ruggeri is an internal promotion with 16 years of experience at Starbucks in various senior finance roles.
  • 4Ms. Ruggeri's compensation package includes an $800,000 base salary, a 120% target annual bonus, and a $1,000,000 promotional equity award (RSUs).
  • 5Mr. Grismer will receive a $658,019 pro-rated bonus for transition services.
  • 6No undisclosed arrangements, family relationships, or reportable transactions involving Ms. Ruggeri.
  • 7The announcement was accompanied by a press release filed as an exhibit.

Frequently Asked Questions

Rachel Ruggeri has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of Starbucks, effective February 1, 2021.

Ms. Ruggeri's compensation includes an annualized base salary of $800,000, an annual bonus target of 120% of her base salary, and a $1,000,000 promotional equity award in the form of time-vested restricted stock units (RSUs).

Patrick Grismer will retire as CFO effective February 1, 2021, and will transition to a senior advisor role, remaining employed through May 2, 2021, to assist with the transition.

Patrick Grismer is retiring from his CFO role but will remain with the company in an advisory capacity until May 2, 2021. He will receive his same base salary and benefits, and a cash transition services bonus of $658,019, which represents a pro-rated bonus for fiscal year 2021.