Starbucks Chief Operating Officer John Culver to Leave in Reshuffle -- Update

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 [e-mail]

(END) Dow Jones Newswires

August 18, 2022 18:50 ET (22:50 GMT)

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