Starbucks Corporation filed SEC Form 8-K: Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits
$SBUX
Restaurants
Consumer Discretionary
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): June 4, 2025
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
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(206 ) 447-1575
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 4, 2025, the Board of Directors (the “Board”) of Starbucks Corporation (the “Company”) appointed Mike Grams, currently evp, North America chief coffeehouse officer, to the position of chief operating officer (“coo”), a reinstated position in the Company’s executive leadership team, effective immediately. In addition to leading the Company’s North American coffeehouses, Mr. Grams will now oversee global coffeehouse development and global supply chain.
Mr. Grams, age 55, joined the Company in February 2025, after nearly thirty years at Taco Bell Corp. where he held various leadership positions within the company, including President and Chief Operating Officer from 2020 to 2024, Global Chief Operating Officer and General Manager, North America from 2017 to 2020 and Chief Operating Officer and Chief Development Officer from 2015 to 2019.
In connection with his appointment, Mr. Grams’ base salary will be increased from $700,000 per year to $900,000 per year, and his annual incentive bonus target will be increased from 100% of base salary to 125% of base salary, which will, in each case, be prorated for fiscal year 2025.
There are no arrangements or understandings between Mr. Grams and any other person pursuant to which he was appointed as coo. Mr. Grams does not have any family relationship with any director or other executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer, and there are no transactions in which Mr. Grams has an interest requiring disclosure under Item 404(a) of Regulation S-K currently contemplated or since the beginning of the last fiscal year.
On June 4, 2025, the Company also announced that Brad Lerman would no longer serve as the Company’s evp, chief legal officer, as of a date to be determined. The Company anticipates that Mr. Lerman will continue to serve as chief legal officer until his successor has been identified and is in role. Mr. Lerman’s separation from the Company meets the conditions of the “without cause” provisions of the Company’s Executive Severance and Change in Control Plan for purposes of all plan benefits thereunder.
Item 7.01 Regulation FD Disclosure.
A copy of the letter from Brian Niccol, chairman and chief executive officer, relating to the announcement described in Item 5.02, dated June 4, 2025, is furnished as Exhibit 99.1 to this Form 8-K.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| STARBUCKS CORPORATION | ||||||||||||||
| Dated: | June 4, 2025 | |||||||||||||
| By: | /s/ Joshua C. Gaul | |||||||||||||
| Joshua C. Gaul | ||||||||||||||
| vice president, assistant general counsel and corporate secretary | ||||||||||||||