Starbucks Chief Operating Officer John Culver to Depart As Reorganization Eliminates Role
18 August 2022 - 11:45PM
Dow Jones News
By Denny Jacob
Starbucks Corp. said Thursday that John Culver will leave the
company in October as it eliminates the chief operating officer
role.
The Seattle-based coffee giant said Mr. Culver, who will depart
from his role as group president, North America and COO, will leave
on Oct. 1, the effective date of the organization restructuring. He
will serve in an advisory capacity to Starbucks through Jan. 1,
2023, according to a securities filing.
Mr. Culver will receive $3.75 million in severance as part of
his separation agreement, as well as certain stock units, stock
option awards and an amount equivalent to the cost of 18 months of
ongoing COBRA coverage.
"Given the moment we find ourselves in with our Reinvention
underway, this is the right decision as we chart the course and the
future path for Starbucks," said Mr. Culver in a letter listed in
the securities filing.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 18, 2022 17:30 ET (21:30 GMT)
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