Starbucks Announces Executive and Board Changes

TL;DR

Starbucks shakes up exec team and board effective May 30th.

AI Summary

Starbucks Corporation announced on May 30, 2024, changes in its executive team and board of directors. The filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory arrangements for key executives. These changes are effective as of May 30, 2024.

Why It Matters

Changes in executive leadership and board composition can signal shifts in company strategy, operational focus, and governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Executive and board changes can introduce uncertainty regarding future strategy and leadership stability.

Key Players & Entities

• Starbucks Corporation (company) — Registrant
• May 30, 2024 (date) — Effective date of changes

FAQ

From the Filing

0000829224-24-000033.txt : 20240531 0000829224-24-000033.hdr.sgml : 20240531 20240531160944 ACCESSION NUMBER: 0000829224-24-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240530 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240531 DATE AS OF CHANGE: 20240531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARBUCKS CORP CENTRAL INDEX KEY: 0000829224 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING & DRINKING PLACES [5810] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 911325671 STATE OF INCORPORATION: WA FISCAL YEAR END: 0927 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20322 FILM NUMBER: 241009736 BUSINESS ADDRESS: STREET 1: P O BOX 34067 CITY: SEATTLE STATE: WA ZIP: 98124-1067 BUSINESS PHONE: 2064471575 MAIL ADDRESS: STREET 1: 2401 UTAH AVENUE SOUTH CITY: SEATTLE STATE: WA ZIP: 98134 8-K 1 sbux-20240530.htm 8-K sbux-20240530 false 0000829224 0000829224 2024-05-30 2024-05-30 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 30, 2024 Starbucks Corporation (Exact name of registrant as specified in its charter) Washington 000-20322 91-1325671 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)   2401 Utah Avenue South , Seattle , Washington 98134 (Address of principal executive offices) (Zip Code) ( 206 ) 447-1575 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)       ☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)       ☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))       ☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share SBUX Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging Growth Company     ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Selection 13(a) of the Exchange Act.     o Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 30, 2024, Satya Nadella informed Starbucks Corporation that he is resigning from the Board of Directors (the “Board”) effective immediately. Effective May 30, 2024, the size of the Board was reduced by one. A copy of the Mr. Nadella’s resignation letter is attached as Exhibit 99.1. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No.   Description 99.1   Resignation Letter from Satya Nadella dated May 30, 2024 104 Cover Page Interactive Data File (formatted as inline XBRL) SIGNATURES Pursuant to the requir