Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.
On June 15, 2021, Starbucks Corporation (the "Company" or "Starbucks") announced
the appointment of John Culver, who is serving as group president,
International, Channel Development and Global Coffee, Tea & Cocoa, as group
president, North America and chief operating officer, effective June 28, 2021.
Mr. Culver's appointment is in addition to the other senior management changes
described in the press release furnished under Item 7.01 of this Form 8-K.
Mr. Culver, 60, joined Starbucks in August 2002 and served as group president,
International, Channel Development and Global Coffee, Tea & Cocoa from July 2018
to June 2021. From October 2017 to July 2018, Mr. Culver served as group
president, International and Channels. From September 2016 to October 2017, he
served as group president, Starbucks Global Retail. From May 2013 to September
2016, he served as group president, China, Asia Pacific, Channel Development and
Emerging Brands. Mr. Culver served as president, Starbucks Coffee China and Asia
Pacific from October 2011 to May 2013. From December 2009 to October 2011, he
served as president, Starbucks Coffee International. Mr. Culver served as
executive vice president; president, Global Consumer Products, Foodservice and
Seattle's Best Coffee from February 2009 to September 2009, and then as
president, Global Consumer Products and Foodservice from October 2009 to
November 2009. He previously served as senior vice president; president,
Starbucks Coffee Asia Pacific from January 2007 to February 2009, and vice
president; general manager, Foodservice from August 2002 to January 2007. Mr.
Culver currently serves on the Board of Directors of each of Kimberly-Clark
Corporation and Columbia Sportswear Company.
In connection with Mr. Culver's appointment, the Compensation and Management
Development Committee of the board of directors of the Company approved an
annualized base salary of $1,000,000, an annual bonus target under the Company's
Executive Management Bonus Plan of 150% of base salary, and an annual long-term
incentive target of $6,000,000.
There is no arrangement or understanding between Mr. Culver and any other person
pursuant to which Mr. Culver was appointed as chief operating officer. Mr.
Culver does not have any family relationships with any director or other
executive officer of the Company, and there are no transactions in which Mr.
Culver has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure.
A copy of the Company's press release relating to the announcement described in
Item 5.02 is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. Description
99.1 Press Release of Starbucks Corporation dated June 15, 2021 .
104 Cover Page Interactive Data File (formatted as inline XBRL)
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