Starbucks board member James G. Shennan, Jr. to
retire following 27 years of service; company expands its board of
world-class, values-based leaders, attracting diversity in global
technology, retail and consumer experience as it pursues its
long-term plan for strong global growth and innovation
Starbucks Corporation (NASDAQ: SBUX) announced today the
nominations of Rosalind Brewer, President and Chief Executive
Officer of Sam’s Club, and executive vice president of Wal-Mart
Stores, Inc.; Jørgen Vig Knudstorp, Executive Chairman of the LEGO
Brand Group; and Satya Nadella, CEO of Microsoft Corporation, to
the Starbucks Board of Directors. Each are nominated for election
to the Board at the company’s Annual Meeting of Shareholders on
March 22, 2017, along with the nomination of the company’s current
directors other than Mr. Shennan who is retiring from the Board
immediately prior to the meeting.
“For 45 years, the success of the Starbucks brand has been built
upon the preservation of the trust, confidence and connection we
have with our customers and partners,” said Howard Schultz,
Starbucks chairman and ceo. “Innovation and pushing to alter
the status quo are also core to our culture, and by
welcoming three world-class, values-based leaders – Roz,
Jørgen and Satya – to Starbucks Board of Directors upon their
election at the Annual Meeting, we will strengthen our leadership
and add unmatched expertise in technology, strategy, and retail to
the company at a time of unprecedented change for our
industry. I look forward to welcoming each of these leaders to
Starbucks Board of Directors.”
Rosalind Brewer
Rosalind Brewer will bring to the Board extensive insight on
large-scale operations and supply chain logistics based on her
senior leadership positions with Sam’s Club and Walmart, as well as
valuable experience in consumer products and distribution. Brewer
will also provide vast experience in product development, product
management, leadership, digital technology and innovation, and
international operations and distribution. Brewer has served as
President and Chief Executive Officer of Sam’s Club, a division of
Walmart, since February 2012. Walmart recently announced her
retirement from the company effective February 1, 2017. She
currently serves on the Board of Directors for Lockheed Martin
Corporation and is Chair of the Board of Trustees for Spelman
College, and formerly served as a director of Molson Coors Brewing
Company.
“For many years, I’ve looked to Starbucks as a leader in how
companies should stay ahead of innovation, build trust and loyalty
with customers and deeply engage in local and global
communities. As an avid customer, I am delighted every day to
see just how much this company focuses on honing its craft. It
will be an honor to put my many years of retail and customer
engagement to work on behalf of the brand, and to serve alongside
such a talented group in doing so,” said Brewer.
Jørgen Vig Knudstorp
To the Starbucks Board of Directors, Jørgen Vig Knudstorp will
provide global executive leadership experience from one of the
world’s most renowned toy manufacturers and recognizable brands. He
will also bring a proven record of innovation and unique insight of
brand and digital marketing, strategy, consumer products, and
international operations and distribution to the Board. Knudstorp
has served as Executive Chairman of the LEGO Brand Group, the
controlling company to the LEGO Group since January 2017. From
October 2004 to December 2016, he served as President and Chief
Executive Officer of the LEGO Group.
“I find Starbucks truly fascinating and inspiring because of its
high quality products and customer experiences, the authenticity of
the brand, the company’s caring approach to consumers and employees
and not least the ambitious responsibility agenda,” said Knudstorp.
“Starbucks was founded on a simple, essential idea and now the
company has grown in to becoming a very strong, innovative brand
with the potential to expand its global presence further. I am very
excited to have been nominated to join the Board and to contribute
to the continued development of this fantastic company.”
Satya Nadella
Satya Nadella will bring to the Starbucks Board extensive
experience and an understanding of how technology will be used and
experienced around the world. He will provide the Board with
invaluable insight in international operations and distribution as
Starbucks continues to focus on innovative ways to use technology
to elevate the brand and grow its business. Nadella has served as
Chief Executive Officer and a member of the Board of Directors of
Microsoft Corporation, a leading productivity and platform company,
since February 2014. He has held various leadership positions at
Microsoft since joining the company in 1992. Nadella currently
serves on the Fred Hutchinson Cancer Research Center board of
trustees.
“I’m honored to have been nominated to join the Board of this
world-renowned company,” said Nadella. “As a regular customer
myself, I’ve always admired Starbucks focus and deep passion
for its customers and the communities it does business in and hope
my years of experience in the technology industry will be of value
to the company.”
James G. Shennan, Jr.
Additionally, James (Jamie) Shennan, a Starbucks director since
March 1990, will retire from the Board effective immediately prior
to the shareholder meeting in accordance with the company’s
Corporate Governance Principles and Practices’ mandatory retirement
age requirements.
“For nearly three decades Jamie has been instrumental in the
building of the Starbucks brand, our go-to-market strategy, and the
globalization of our operations,” said Schultz. “He has fully
appreciated the Starbucks culture and our mission from our earliest
of days, and has made significant contributions in the evolution of
our business. I’m eternally grateful to Jamie for his knowledge and
counsel to me, personally, and to the Starbucks Board of Directors
over the years.”
If all nominees are elected by our shareholders at the Annual
Meeting, the Board will have 14 members, including:
- Howard Schultz, chairman and chief
executive officer, Starbucks
- William W. Bradley, managing director,
Allen & Company LLC
- Rosalind Brewer, president and ceo,
Sam’s Club, and executive vice president of Wal-Mart Stores,
Inc.
- Mary N. Dillon, chief executive
officer, Ulta Salon, Cosmetics & Fragrances, Inc.
- Robert M. Gates, former Secretary of
Defense
- Mellody Hobson, president and director,
Ariel Investments, LLC
- Kevin R. Johnson, president, chief
operating officer, Starbucks
- Jørgen Vig Knudstorp, executive
chairman, LEGO Brand Group
- Satya Nadella, chief executive officer,
Microsoft
- Joshua Cooper Ramo, co-ceo and vice
chairman, Kissinger Associates
- Clara Shih, chief executive officer,
Hearsay Systems, Inc.
- Javier G. Teruel, retired vice
chairman, Colgate-Palmolive Company
- Myron E. Ullman, III, retired executive
chairman and ceo, J.C. Penney Company, Inc.
- Craig E. Weatherup, retired chief
executive officer, Pepsi-Cola Company
Forward-Looking
Statements
Certain statements contained herein are “forward-looking
statements” within the meaning of the applicable securities laws
and regulations. Generally, these statements can be identified by
the use of words such as “anticipate,” “expect,” “believe,”
“could,” “estimate,” “feel,” “forecast,” “intend,” “may,” “plan,”
“potential,” “project,” “should,” “will,” “would,” and similar
expressions intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These statements are based upon information
available to Starbucks as of the date hereof, and Starbucks actual
results or performance could differ materially from those stated or
implied due to risks and uncertainties associated with its
business. These risks and uncertainties include, but are not
limited to, fluctuations in U.S. and international economies and
currencies, our ability to preserve, grow and leverage our brands,
potential negative effects of incidents involving food or
beverage-borne illnesses, tampering, contamination or mislabeling,
potential negative effects of material breaches of our information
technology systems to the extent we experience a material breach,
material failures of our information technology systems, costs
associated with, and the successful execution of, the company’s
initiatives and plans, the acceptance of the company’s products by
our customers, the impact of competition, coffee, dairy and other
raw materials prices and availability, the effect of legal
proceedings, and other risks detailed in the company filings with
the Securities and Exchange Commission, including the “Risk
Factors” section of the Starbucks Annual Report on Form 10-K for
the fiscal year ended October 2, 2016. The company assumes no
obligation to update any of these forward-looking statements.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with stores around the globe, the company is the premier roaster
and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at
http://news.starbucks.com or www.starbucks.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170124006654/en/
Starbucks CorporationMedia Relations,
+1-206-318-7100press@starbucks.com
Starbucks (NASDAQ:SBUX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Starbucks (NASDAQ:SBUX)
Historical Stock Chart
From Apr 2023 to Apr 2024