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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): January 14, 2025
Starbucks Corporation
(Exact name of registrant as specified in its charter)
sbuxlogo9292019.jpg
Washington000-2032291-1325671
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
 
2401 Utah Avenue South, Seattle, Washington 98134
(Address of principal executive offices) (Zip Code)

(206) 447-1575
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
TitleTrading SymbolName of each exchange on which registered
Common Stock, par value $0.001 per shareSBUX Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Selection 13(a) of the Exchange Act.    o




Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On January 14, 2025, Mellody Hobson informed Starbucks Corporation (the “Company”) that she will not stand for reelection at the Company’s 2025 Annual Meeting of Shareholders. Ms. Hobson will continue to serve through the remainder of her current term. Ms. Hobson’s decision was not related to any disagreement with the Company on any matter relating to its operations, policies, or practices.

A copy of the Ms. Hobson’s letter to the board is attached as Exhibit 99.1.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description
 
104Cover 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: January 16, 2025    
 By:  /s/ Bradley E. Lerman
  Bradley E. Lerman
  executive vice president, chief legal officer


image_1.jpg

January 14, 2025


Mr. Brad Lerman
Executive Vice President, Chief Legal Officer
Starbucks Corporation
2401 Utah Avenue South
Seattle, WA 98134

Dear Brad:

When Howard Schultz first called to ask if I was interested in being considered for the Starbucks board, I could barely contain my enthusiasm at the prospect of helping to govern one of the world’s most admired companies. This joy was compounded by the fact that I would also be working alongside one of the most iconic modern-day business leaders—a CEO who inspired at every turn, including his memorable signature line, “Onward, Howard.”

Almost 20 years later, few experiences have shaped my view of business and people more than sitting in the Starbucks board room—a room where its executives were fiercely and uncompromisingly dedicated to its customers, partners, communities and investors. Over time, I have had the privilege of serving as chair of the Audit Committee, Vice Chair of the Board, Chairman of the Board and now its lead director.

With Brian Niccol firmly at the helm (after a dogged pursuit!), I am confident Starbucks is in excellent hands. For this reason, I now feel comfortable stepping away from the board and do not plan to stand for re-election. I believe it is important for Brian to have a lead director who can sit alongside him for years to come—my twenty years is already a long time.

Fortunately, the current board is stocked with a deep bench of world class business minds—each of whom brings a unique mix of experience that in combination creates an ideal environment for creation, collaboration and cultural cohesion. Together, I know Brian and the Starbucks board will remain


laser-focused on driving long-term value for all stakeholders—from those who wear the green apron, to the farmers who grow the highest quality coffee beans in the world, to the pension funds that support millions of retirees.

I want to offer a special thanks to Howard who taught me so much in all the years I sat right next to him at virtually every board meeting. Watching him lead made me a bigger dreamer, a more capable executive, a stronger board member and a better person. As I was assuming the Chairmanship in 2021, Howard suggested I adopt his own practice of imagining two empty seats in the boardroom: one for a hard-working partner and one for a loyal shareholder. This advice was a powerful north star that I never forgot.

I also want to thank my fellow board members who made the job easier because of their smarts, their support, their confidence and their collegiality. The Starbucks board puts in the work because they know this beloved company requires tremendous care.

Thanks also to the many partners around the world who helped uplift my own day whenever I stopped in—especially during my weekend store tours that have become a cherished time with my young daughter.

In two decades, I have never sold a single Starbucks share and plan to remain a steadfast investor. Although the company has had a stunning 52-year run, I strongly believe its best days lie ahead.

I will always be grateful for the opportunity to contribute to this legendary brand and will relish the memories as I sip my Pike Place Roast each and every morning. My love of Starbucks endures.

With deep gratitude,

image_0.jpg
Mellody Hobson
2
v3.24.4
Document and Entity Information
Jan. 14, 2025
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Jan. 14, 2025
Entity Registrant Name Starbucks Corporation
Entity Address, Address Line One 2401 Utah Avenue South
Entity Address, City or Town Seattle
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98134
City Area Code 206
Local Phone Number 447-1575
Entity Incorporation, State or Country Code WA
Entity File Number 000-20322
Entity Tax Identification Number 91-1325671
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol SBUX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000829224
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