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By: Alexis Rubinstein, Managing Editor - Coffee Network
Starbucks Corporation Issues Statement in Response to SOC NominationCoffeeNetwork (New York) - Starbucks Corporation (Nasdaq: SBUX) confirmed that it has received a notice of nomination by Strategic Organizing Center (SOC) Investment Group of three director candidates for election to the Starbucks Board of Directors at its 2024 Annual Meeting of Shareholders.
The Company issued the following statement:
The Starbucks Board and executive leadership team regularly engage with all stakeholders, and we are committed to constructive dialogue that furthers our collective goal of creating long-term value for all stakeholders.
Since its founding, Starbucks has been committed to a process of continuous improvement and transformation at all levels and has consistently sought to create opportunities for its partners. That continues today through our ongoing dialogue with our partners, as well as all of our stakeholders. As the world has emerged from the COVID-19 pandemic, the Board and leadership team have evolved to meet the needs of a new era. A year ago, the Board brought in Laxman Narasimhan as the ceo of Starbucks through a unique six-month immersion leading up to a refounding of the company. Earlier this month, Narasimhan launched a new mission that puts our partners at the center of our purpose.
Today, Starbucks has a diverse, engaged, and independent Board with a balanced mix of experience, skills, and perspectives. Starbucks Board is made up of eight highly qualified directors, four of whom are new in the past year and seven of whom are independent. These individuals bring extensive experience across areas critical to Starbucks business including human capital management, international operations and distribution, corporate social responsibility, and capital allocation.
In our Board meeting last week, the Board decided to create a new Environment, Partner and Community Impact committee, formally announced yesterday to be led by Beth Ford, CEO of Land O’Lakes. This committee is a continued evolution of the overall governance approach to the company.
Over the past three years, we have deepened our commitment to this approach and invested nearly $9 billion to uplift the overall partner and store experience, with more than one third of that investment going directly to the partners through wage increases, training, new innovative equipment and technology. This represents the reinvestment of an average of nearly 20% of Starbucks fiscal year profits back into the partner experience with that level of investment expected to continue in fiscal year 2024. These investments have led to a more consistent partner experience in company-operated stores across the U.S. Coupled with higher wages and the expansion of hours, these investments have not only resulted in lower turnover – which is now below pre-pandemic levels – but we have also increased hourly total cash compensation by nearly 50% since fiscal year 2020.
The Board’s Nominating and Corporate Governance Committee will review SOC Investment Group’s proposed director nominee[s] in accordance with its normal process, and the Board will present its formal recommendation regarding director nominees in the Company’s proxy statement and other materials to be filed with the Securities and Exchange Commission. Starbucks shareholders are not required to take any action at this time.
Alexis Rubinstein
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Brazil could still deliver a record arabica crop, but the bigger question for growers is what the next season holds. Out of season flowering and the swing of El Niño have put the spotlight on the rains still to come.
Daily coffee report
August 4 – The benchmark Dow Jones Industrial Average surged into the close yesterday to finish almost 700 points higher, at a record close of 53,178 points – easily clearing the previous top from almost a month ago. The S&P 500 is on the brink of its own record as well, while the NASDAQ index is short of June highs but working on a strong three-session rally. All three are pointing to positive openings today. Palantir (a U.S. software company) reported better-than-expected earnings yesterday afternoon post-close to boost the tech sector, though a host of other firms reported strong earnings as well. The ten-year note continues to retreat from Friday’s high, now at 4.67%, with the dollar on the high side of level-par, while the VIX index now under 16 shows reduced volatility.
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