Starbucks Chief Operating Officer John Culver to Leave in Reshuffle -- Update
19 August 2022 - 1:05AM
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 and global supply chain Executive Vice President George Dowdie
will depart next year.
The departures at the Seattle-based coffee giant come after
founder Howard Schultz returned to the chief executive role for the
third time in April.
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 reorganization, according to a securities filing. Mr. Dowdie is
leaving to focus on board and scientific advisory work sometime
after 2022, according to a letter distributed to employees in the
filing.
As part of the reshuffle, Chief Strategy Officer Frank Britt's
role is expanding to executive vice president, chief strategy and
transformation officer. Mr. Britt joined Starbucks in April. He had
been CEO of Penn Foster, an employment platform focused on
workforce development and education.
Nine executives that had been reporting to Mr. Culver will soon
be split up with more than half reporting to Mr. Britt and the rest
to Mr. Schultz, who leads day-to-day business operations.
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 wrote.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 18, 2022 18:50 ET (22:50 GMT)
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