No Shareholder Action Required at this Time

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SEATTLE – 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.&nbsp; 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 <a href="https://protect-eu.mimecast.com/s/u9mTC82rtBBAVMHnKURn?domain=stories.starbucks.com/">Environment, Partner and Community Impact committee</a>, formally announced yesterday to be led by Beth Ford, CEO of Land O’Lakes.&nbsp; This committee is a continued evolution of the overall governance approach to the company.&nbsp;

Over&nbsp;the past&nbsp;three years, we have deepened our commitment to this approach and invested&nbsp;nearly $9&nbsp;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&nbsp;nearly&nbsp;20% of Starbucks fiscal year profits back into the partner experience with&nbsp;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.

About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, 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&nbsp;<a href="http://www.stories.starbucks.com/">https://stories.starbucks.com</a>&nbsp;or&nbsp;<a href="http://www.starbucks.com/">www.starbucks.com</a>.&nbsp;

Forward-Looking Statements

Certain statements contained herein are&nbsp;“forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Starbucks Corporation (together with its subsidiaries) that are based on our current expectations, estimates, forecasts and projections about our business, our results of operations, the industry in which we operate, our economic and market outlook, and the beliefs and assumptions of our management. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.&nbsp;They often include words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks” or words of similar meaning, or future or conditional verbs, such as “will,” “should,” “could,” “may,” “aims,” “intends,” or “projects.” By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent&nbsp;filings with the SEC, as well as:&nbsp;

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In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated&nbsp;by any worsening of the global business and economic environment. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Important Stockholder Information

Starbucks Corporation (the “Company”) intends to file a proxy statement and proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its solicitation of proxies for its 2024 Annual Meeting. THE COMPANY’S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT, THE ACCOMPANYING WHITE PROXY CARD, AND ANY AMENDMENTS AND SUPPLEMENTS TO THESE DOCUMENTS WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain the proxy statement, any amendments or supplements to the proxy statement, and other documents as and when filed by the Company with the SEC without charge from the SEC’s website at <a href="http://www.sec.gov/">www.sec.gov</a>.

The Company, its directors, director nominees, certain of its officers, and other employees (as set forth below) may be deemed to be “participants” in the solicitation of proxies from the Company’s shareholders in connection with the matters to be considered at the 2024 Annual Meeting. “Participant” is defined to include: (i) any director and any director nominee for whose election proxies are solicited; (ii) any committee or group which solicits proxies, any of their respective members, and any person whether or not named as a member who, acting alone or with one or more other persons, directly or indirectly, takes the initiative, or engages, in organizing, directing, or arranging for the financing of any such committee or group; (iii) any person who finances or joins with another to finance the solicitation of proxies, except persons who contribute not more than $500 and who are not otherwise participants; (iv) any person who lends money or furnishes credit or enters into any other arrangements, pursuant to any contract or understanding with a participant, for the purpose of financing or otherwise inducing the purchase, sale, holding, or voting of our Company’s securities by any participant or other persons, in support of or in opposition to a participant; except that such terms do not include a bank, broker, or dealer who, in the ordinary course of business, lends money or executes orders for the purchase or sale of securities and who is not otherwise a participant; and (v) any person who solicits proxies.

As of November 21, 2023, each of the “participants” set forth below beneficially owned less than 1% of Company common stock. Information regarding the ownership of the Company’s directors and executive officers in the shares of Company common stock is also included in their SEC filings on Forms 3, 4, and 5, which can be found at the SEC’s website at <a href="http://www.sec.gov">www.sec.gov</a>. Information about the compensation of our named executive officers and our non-employee directors is set forth in the sections entitled “Compensation Discussion and Analysis” and “Fiscal 2022 Compensation Program for Non-Employee Directors”, respectively, of the Company’s proxy statement on Schedule 14A filed on January 27, 2023, available <a href="https://www.sec.gov/Archives/edgar/data/829224/000082922423000007/a2023proxystatementfinal.htm#i1ec496690fad42fbad6ecc4e145c924b_112">here</a> and the Company’s Current Report on Form 8-K filed with the SEC on March 28, 2023, and available <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/829224/000082922423000025/sbux-20230322.htm">here</a>. Updated information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise), will be set forth in the section entitled “Beneficial Ownership of Common Stock” of the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC. These documents can be obtained free of charge from the SEC’s website at <a href="http://www.sec.gov/">www.sec.gov</a>.

Directors and Director Nominees*

Mellody Hobson (Independent Starbucks Board of Directors chair) Richard E. Allison Jr. Andrew Campion Beth E. Ford Jørgen Vig Knudstorp Satya Nadella Laxman Narasimhan Wei Zhang

Certain Officers and Other Employees*

Laxman Narasimhan (chief executive officer) Michael Conway (group president, International and Channel Development) Sara Kelly (executive vice president, chief partner officer) Brad Lerman (executive vice president, general counsel) Rachel Ruggeri (executive vice president, chief financial officer)

*The business address is 2401 Utah Avenue South, Seattle, Washington 98134.

Starbucks confirmed that it has received a notice of nomination by Strategic Organizing Center (SOC) Investment Group of three director candidates.

Starbucks Corporation Issues Statement in Response to SOC Nomination

Stories to inspire and nurture the human spirit

Starbucks Stories

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Starbucks Corporation

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SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today&nbsp;announced&nbsp;its Board of Directors intends to&nbsp;establish a new&nbsp;Environmental, Partner and&nbsp;Community Impact (EPCI)&nbsp;Board Committee, as a continued evolution of the overall governance approach to the company.&nbsp;

Starbucks has always striven to be a different kind of company. Upon assuming the role&nbsp;of&nbsp;chief executive officer in March 2023,&nbsp;Laxman Narasimhan and the executive leadership team worked together with partners (employees) to&nbsp;refound&nbsp;Starbucks with an evolved mission&nbsp;and&nbsp;a set of six promises to the company’s most important stakeholders:&nbsp;at our best, for our partners, to offer a bridge to a better future; for our customers, to Uplift the Everyday; for our farmers, to ensure the future of coffee for all; for our communities, to contribute positively; for our environment, to give more than we take; and for our shareholders, to generate enduring returns.&nbsp;

"Over the past year, we have been&nbsp;singularly focused on ensuring that&nbsp;we are&nbsp;well positioned for mutual success with all of our stakeholders,”&nbsp;said Narasimhan, chief executive officer of Starbucks.&nbsp;“Living our new mission and upholding our new set of promises and values every day is paramount to&nbsp;achieving this mutual&nbsp;success.&nbsp;This committee will keep us accountable and push us forward.”

In recognition of the changing operating environment for the company,&nbsp;at its meeting last week, the Board of Directors aligned to the&nbsp;establishment of the EPCI&nbsp;Board Committee. &nbsp;The new&nbsp;committee&nbsp;will assist the&nbsp;Starbucks Board of Directors&nbsp;in&nbsp;fulfilling its oversight responsibilities required to respond to shifting regulations and standards, and drive accountability across Starbucks promises on environment, partners, and community impact. The committee&nbsp;will&nbsp;also&nbsp;have&nbsp;oversight of internal and external reporting tools and assessments, including the annual Global Environment and Social Impact Report (GESI) and initiatives to strengthen partner engagement and revitalize partner culture.&nbsp;

“Starbucks&nbsp;has always set ambitious goals to deliver performance through the lens of humanity,”&nbsp;said&nbsp;Mellody Hobson, independent Starbucks Board of Directors chair.&nbsp;&nbsp;“Our&nbsp;new&nbsp;mission&nbsp;reflects the changing global environment&nbsp;and&nbsp;builds&nbsp;on&nbsp;our brand’s&nbsp;legacy&nbsp;of driving human connection and purpose.&nbsp;This new board committee is another step forward&nbsp;to&nbsp;help&nbsp;us deliver&nbsp;on our&nbsp;promises to our&nbsp;partners, community, and&nbsp;the&nbsp;environment.”

Beth&nbsp;Ford, currently a Starbucks director&nbsp;and President and Chief Executive Officer of Land O’Lakes,&nbsp;will serve as&nbsp;the independent chair of the EPCI Board Committee.

Jørgen Knudstorp, independent chair of the Nomination and Governance Committee of the Board of Directors, said, “We are contemporizing our approach to governance at Starbucks to reflect the future changes we see in the environment.&nbsp;This new&nbsp;committee will unify important work already taking place across other areas of the board to help ensure we are&nbsp;listening to our constituents and&nbsp;delivering on our promises&nbsp;consistently&nbsp;and transparently. The committee looks forward to updating our stakeholders on our&nbsp;work through the annual GESI Report and our other ongoing&nbsp;assessments.&nbsp;I am&nbsp;excited that Beth Ford has agreed to chair this committee and to work alongside my fellow directors to continue to drive positive outcomes for all Starbucks stakeholders.”

Starbucks&nbsp;plans to continue to lead by example. Consistent with&nbsp;its&nbsp;strong record of pursuing ambitious goals, programs, and reporting on environmental, social and governance progress with&nbsp;intention, transparency and accountability, Starbucks will disclose&nbsp;its&nbsp;Fiscal 2023&nbsp;Human Rights Impact Assessment and&nbsp;the independent assessment of&nbsp;its&nbsp;adherence&nbsp;to the&nbsp;principles&nbsp;of freedom&nbsp;of association&nbsp;and the right to collective bargaining&nbsp;in fiscal Q1 2024 and its&nbsp;GESI Report in fiscal&nbsp;Q2&nbsp;2024.&nbsp;

About Starbucks&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, 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&nbsp;<a href="http://www.stories.starbucks.com/">https://stories.starbucks.com</a>&nbsp;or&nbsp;<a href="http://www.starbucks.com/">www.starbucks.com</a>.&nbsp;

Starbucks announced its Board of Directors intends to establish a new Environmental, Partner and Community Impact (EPCI) Board Committee, as a continued evolution of the overall governance approach to the company.

Starbucks Announces Intention to Establish a New Environmental, Partner and Community Impact Board Committee

Starbucks Announces Intention to Establish New Environmental, Partner and Community Impact Board Committee Focused on Oversight of Stakeholder Promises

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Upcoming Investments Unveiled to Further Enhance Retail Partner Experience&nbsp;

SEATTLE – In line with Starbucks unwavering commitment to elevate the partner (employee) experience and offer partners a bridge to a better future, the company is proud to introduce the latest in partner investments. These developments include accruing paid vacation time sooner, continued investments in partner pay, innovative financial well-being and skills-building benefits, partner-centric scheduling, and the introduction of the first-ever North America Barista Championship. &nbsp;

The company's dedication to actively listening to partner feedback and introducing significant investments in the partner experience, such as these, has played a pivotal role in solidifying its status of <a href="https://stories.starbucks.com/partner-benefits/" target="_blank" rel="noreferrer noopener">serving the best benefits across the industry for hourly retail work.</a> &nbsp;

According to the results of a recent Benefit Index analysis conducted by <a href="https://www.aon.com/en/" target="_blank" rel="noreferrer noopener">AON</a>, Starbucks continues to deliver more valuable benefits for retail hourly partners than any of the more than 50 other U.S. companies included in the study, inclusive of Fortune 200 and Fortune 500 companies.

The comprehensive benefits package provided by Starbucks goes well beyond the industry average and is set apart by its accessibility to a broad subset of its retail hourly workforce—including anyone working an average of 20 or more hours a week. 

“Investing in our partners is what drives our success,” said Sara Trilling, executive vice president and president of Starbucks North America. “It’s what makes us all partners. And an important way we do this is by investing in our partners’ journey, to bridge to a better future at Starbucks and beyond. This entails engaging with, and listening to, their ideas and feedback while continuing to raise the bar by offering competitive pay and the best benefits package in the industry. This independent study from AON has validated we are an industry leader in our work to enhance the partner experience.” 

With significant ongoing investments of more than $1 billion since last year to uplift the overall partner and store experience, the company has seen a positive shift in hourly turnover rates, which are now below pre-pandemic levels. In addition, Starbucks has invested more than 20% of the profits from fiscal year 2023 back into the partner experience through wage increases, training, and new equipment. 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, more meaningful improvement in our customer connection scores year-over-year but have also increased hourly total cash compensation by nearly 50% since Fiscal Year 2020. &nbsp;

Highlights of partner investments include:

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Vacation Accrual: With every cup, with every conversation, with every community – Starbucks nurtures the limitless possibilities of human connection. Starting this February, hourly partners will accrue paid vacation time sooner, beginning just 90-days after hire, allowing them to engage in more meaningful connections with family and friends outside of work sooner than ever before. &nbsp;

Competitive Pay: Sustained investment in retail partner pay remains a priority. Starbucks moved the wage floor for all U.S. retail hourly partners to $15 per hour in 2022 and has continued to add incremental increases, while recognizing and rewarding tenure. Starting with competitive pay — Starbucks provides U.S. hourly retail partners an average wage of nearly $17.50 per hour, a barista wage range between $15 and $24 per hour and a total compensation, with benefits, of approximately $27 per hour. Effective January 1, eligible U.S. retail hourly partners will see an incremental pay increase come to life, with at least a 3% increase and differentiated pay for eligible tenured partners. Eligible partners with 2-5 years of service will get at least 4% and those with 5 or more years of service will get at least 5%. &nbsp;

Introduction of First-Ever North America Barista Championship: Starbucks partners take pride in their craft and have fun while doing it. They celebrate each other and their wins. With the long-awaited, first-ever North America Barista Championship kicking off this February, Starbucks partners will have the opportunity to showcase the unique role they play in bringing the Starbucks experience to life for customers each day, demonstrating their commitment to connection, craft, and community. This program will be open to eligible baristas and shift supervisors in participating U.S. and Canada stores as well as eligible Siren Retail roles. &nbsp;

Career Mobility: Craft isn’t just about coffee – it shows up in how partners hone and master their craft in their day-to-day roles. To further support partner career growth and mobility, the company is exploring credential and certification programs to build on the industry-leading <a href="https://www.starbucksbenefits.com/en-us/home/education-opportunity/starbucks-college-achievement-plan/" target="_blank" rel="noreferrer noopener">Starbucks College Achievement Plan.</a>&nbsp; &nbsp; More than 23,000 partners are currently on their unique educational journey to earning their first-time bachelor’s degree through Starbucks College Achievement Plan (SCAP), a first of its kind partnership with Arizona State University’s (ASU) top-ranked online degree program. Tuition and fees are covered upfront for partners, helping to remove the hurdle of rising tuition costs that often block their pathway. To date, more than 10,000 partners have graduated and 20% of partners enrolled in SCAP are first-generation college students. Starbucks is committed to helping at least 25,000 partners graduate by 2025, with an expected investment of approximately $250 million or more by 2025. &nbsp;

Financial Wellness: Financial wellness is feeling confident about your financial outlook and knowing what to do next with your money. Financial wellness benefits at Starbucks are grounded with equity ownership in the company through annual Bean Stock grants, which have awarded more than $2 billion in additional earnings to partners, to-date. That’s why our employees are called partners—we each have an ownership stake in the future success of our business. Starting this January, partners will be able to sign up to receive the new Siren Card – a premium card offering a high-tech banking experience designed exclusively for Starbucks Partners. Built with cred.ai and Visa USA, the Siren Card comes packed with exclusive tech features the world's first "automatic credit score optimizer," 24/7 and the guarantee to never pay account fees or interest, all supporting financial wellness with zero effort.&nbsp;

Partner-Centric Scheduling: Starbucks is dedicated to partner-centric scheduling and providing partners with hours that align with their individual needs and preferences is a top priority. This is reflected in Starbucks commitment to diligently create work schedules that carefully balance the availability of our partners with the staffing needs of individual stores. To achieve this, Starbucks collects a range of preferred, minimum, and maximum hours to build a complete picture of partner preferences and assist store managers in scheduling and managing their workforce. This improved scheduling protocol will enable partners to contribute to the personalization of their ideal schedules. Together, these efforts will help Starbucks improve the stability, flexibility, and consistency of schedules.

These investments are all part of the company’s legacy of providing top-tier benefits, surpassing competitors to offer unmatched value while evolving its offerings in response to partner feedback. The company recognizes changes to wages, benefits, and/or terms and conditions may not be unilaterally implemented for partners in stores with organizing underway and may be subject to collective bargaining in good faith for partners in stores with certified union representation. As part of the company’s partner promise, and through ongoing partner investments like these, the company is devoted to bridge a better future for all partners like Vic, Corinne, Justin and Andrea.&nbsp;&nbsp;

Vic Ruiz, store manager from Ladera Ranch, CA, recounts his heartfelt experience of how the Starbucks Family Expansion Reimbursement Program made it possible for him and his wife to adopt a wonderful baby girl.

"I look at the whole process and I'm just blown away. Starbucks made it a lot easier and has those benefits to support anybody to live the dream of becoming a parent. It didn't cover the entire adoption and we didn't expect that. But it does give you peace of mind. It does ease it a little bit that some of those costs are covered. It took a little bit of weight off our shoulders and made that financial impact a little more manageable." 

Corinne Kinder, store manager from Wentzville, MO, shares her experience of utilizing her Bean Stock to secure a down payment for her dream home, while offering valuable guidance to her fellow new store partners.

"In conversations with my partners, I go through the benefits and how it has positively impacted my life and how it can positively impact them. I tell them, next year you're going to accrue Bean Stock. This is why we're partners because we own stock, because you can use it to empower what you want to do in your life. You can buy the house, you can buy the car, you can choose to keep it going or you can sell it to do the things you want or need to do. It's an amazing benefit. Let that money work for you and what you want to do in life.

Justin Brengel, a barista from Deltona, FL, shares how his eight years in store paved the way for his college journey and the pursuit of an extraordinary fellowship (internship) experience at Starbucks Support Center.

“Currently, I am pursuing a degree in criminal justice and criminology. However, after taking a class in digital marketing, I have become interested in pursuing a career in this field or communications. It is the storytelling element in these areas that I have come to truly enjoy. Going back to school has provided me with this opportunity to change my life, even though I am now doing something outside of my degree.” &nbsp;

Andrea Coyle, store manager from Beverly Hills, CA, talks about her initial exposure to mental health support, thanks to the services offered by Lyra.

"Because of the coverage I have, I feel like I can actually, finally, take care of my health. I've had the same therapist the entire time. I truly think she changed my life." &nbsp;

For decades, Starbucks has consistently offered hourly partners the best benefits and perks in the industry—including comprehensive medical, dental and vision coverage options for eligible partners and their families and industry-leading gender-affirming care and Family Expansion Reimbursement Assistance benefits. With flexibility to choose from more than 20 plans that vary in terms of how medical expenses are covered and how much the plans cost out of partner paychecks and out of pocket, partners are empowered to choose the plans and programs that best align with their needs and goals. &nbsp;

Learn <a href="https://stories.starbucks.com/partner-benefits/" target="_blank" rel="noreferrer noopener">more</a> about how Starbucks continues to deliver the best benefits for hourly retail work. &nbsp;

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Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, 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 stories.starbucks.com or <a href="http://www.starbucks.com/" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>.&nbsp;

Collage of Starbucks partners in green aprons

Upcoming Investments Unveiled to Further Enhance Retail Partner Experience

Starbucks Raises the Bar with Industry-Leading Employee Benefits, Outperforming Competitors

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Upcoming Investments Unveiled to Further Enhance Retail Partner Experience.

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Triple Shot Reinvention will focus on three priorities: elevating the Starbucks brand; strengthening the company’s digital capabilities; and becoming truly global; customized with “two pumps” unlocking efficiency and reinvigorating partner culture. This includes:&nbsp;

SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today announced its long-term growth strategy, Triple Shot Reinvention with Two Pumps, to elevate the brand, strengthen and scale digital, further expand globally, identify opportunities within and outside the store for efficiencies, and reinvigorate the partner (employee) culture. The strategy builds on the significant business momentum from the past year, while laying out a roadmap for how the company will deliver long-term, sustainable growth and outsized returns to partners, customers, and shareholders.&nbsp;&nbsp;

“I am immensely proud of the work we have done so far in reinventing and re-founding the company for its next phase of growth. I am excited about our multiple paths to revenue growth and earnings, which should give you confidence in our ability to meet our goals,” said Laxman Narasimhan, chief executive officer of Starbucks as part of the company’s presentation to investors in New York City. “I am honored to be leading this talented group of over 450,000 green apron partners, including this executive leadership team, to deliver human connection more broadly around the world for the benefit of us all.”&nbsp;&nbsp;

Starbucks plans for Reinvention were first introduced by founder Howard Schultz at the company’s Investor Day in September 2022, resetting the business to elevate the in-store experience for partners and for customers and is seeing strong early momentum on every key metric.&nbsp;&nbsp;

With an updated mission and an evolved set of promises and values, the Triple Shot Reinvention with Two Pumps is the next step in the re-founding of the company. Starbucks will deliver significant value to partners, customers and shareholders by:&nbsp;

These strategies are customized with two enabling “pumps” which will:&nbsp;

Elevating the Brand Through Better Run Purpose-Defined Stores and Continued Product Innovation&nbsp;

With the U.S. store count slated to reach more than 16,300 – with a 4 percent net new store growth planned in FY24 and an aspiration to reach 20,000 over the long term – the company will leverage the vast channels available to meet the evolving needs of customers and further elevate the brand. Starbucks will focus on running better stores through a stronger operating foundation.&nbsp;

The company will grow the portfolio with more purpose-defined stores and accelerated renovations. “We see an opportunity to better leverage our footprint to serve the evolving needs of our customers. Innovation in our store formats, to purpose defined stores like pick-up, drive-thru only, double-sided drive-thru, and delivery-only allows us to better meet our customers where they are at through differentiated experiences,” said Sara Trilling, executive vice president and president of Starbucks North America. “To capture that demand we will build more new stores – with new formats, in new cities and cities we’re already in. To be clear, Starbucks has not saturated the U.S. market.”&nbsp;

Additionally, the brand will be elevated through further product innovation. The company will continue to grow coffee and its core menu through customization and personalized marketing – adding popular beverage innovations to the core line up – which now accounts for 85 percent of net beverage sales. The company will also drive innovation through two specific areas of focus: targeted dayparts and growing food attach with all-day breakfast and all-day snacks.&nbsp;

Strengthen and Scale Digital Capabilities&nbsp;

Starbucks also unveiled a new phase in the acceleration of its digital flywheel. Strengthening its digital leadership with a strategy aimed to:&nbsp;

“Starbucks has direct, digital relationships with hundreds of millions of customers,” said Brady Brewer, executive vice president and chief marketing officer. “Our ambition is to know every customer, personalize their experience and make Starbucks effortless. We have a clear and compelling roadmap, the acceleration has already started, and we will extend our digital leadership globally.”&nbsp;

In addition to extending its digital and tech leadership through personalization and customization, the company is resetting its tech architecture, accelerating the introduction of new features, building on its distinctive Deep Brew platform capabilities.&nbsp;&nbsp;

Starbucks also announced three new technology collaborations it intends to execute in order to enhance the customer and partner experience:&nbsp;&nbsp;

The company also announced a plan to expand its global store footprint to 55,000 by 2030 – an average of 8 new stores a day and bolstered by further expansion of digital platforms across all licensed partners globally.&nbsp;

“Over the past five years, we have opened 9,000 stores – 7,000 of which were outside of the U.S.,” said Michael Conway, group president, International and Channel Development. “We will become truly global as we create the surround sound of omni-channel strategies in the 86 markets where we sell Starbucks Coffee.”&nbsp;

Starbucks China is uniquely positioned to support the growth opportunities the market presents. The business will continue driving comps in existing stores through global and locally relevant innovation across dayparts and across channels in beverages and food. Additionally, Starbucks will continue to invest in the expansion of Starbucks Rewards. The company also believes there is significant headroom in new store expansions with attractive returns, including continuing to infill existing cities with purpose-defined store formats, while entering more new county cities. Finally, Starbucks will continue to invest in digitalization across supply chain and store operations that fuel productivity and efficiency, while driving innovation with customers, partners, coffee and sustainability.&nbsp;&nbsp;

“We just concluded a watershed year in China, where we put the pandemic behind us, and built growth momentum for the future,” said Belinda Wong, chairwoman and co-ceo of Starbucks China. In commenting on the overall international business, Wong noted that the omni-channel strategy “gives us great confidence and high ambition for our international business, fueling nearly 1/3 of the earnings growth potential of Starbucks over the long-term.”&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The company continues to experience the in-store benefits of its Reinvention strategy. Starbucks further announced the implementation of a $3 billion efficiency program – $2 billion outside the store in cost of goods sold – to both reinvest in the business and to deliver returns to shareholders through progressive margin expansion and earnings growth.&nbsp;&nbsp;

“We are very confident in our ability to create a more resilient, durable business for the long-term,” said Rachel Ruggeri, executive vice president and chief financial officer. “While our opportunity is clear, we know that our success, everything we do, is dependent on the differentiated experience our partners create for our customers.&nbsp; After all, our partners are our superpower.”&nbsp;

Paramount to Starbucks partner promise of bridging to a better future, is creating opportunities for partners to grow. The company is committed to furthering its mission, promises and values while investing in the partner experience around the world.&nbsp;&nbsp;

“To remain the retail industry employer of choice, we must continue to create a uniquely Starbucks experience that uplifts, inspires, and engages our partners” said Sara Kelly, executive vice president and chief partner officer. “We will also continue to listen to their evolving needs and best support them in their job, on their team and in their life.”&nbsp;&nbsp;

The company continues to invest in all aspects of the partner experience, while benefitting from lower attrition and higher tenure in US stores. By the end of FY25, the company in the US expects to double hourly income versus FY20, through more hours and higher wages. Next week, the company will share details on a new bundle of partner experience enhancements in the US, solidifying its status in providing the best portfolio of benefits across the industry for hourly retail work.&nbsp;&nbsp;

Starbucks also announced it will soon unveil a new Starbucks Art Prize – which aims to celebrate art as a catalyst of human connection – focusing on an inspiring artist who represents joy, courage, craft, and belonging. Each year, Starbucks will select one visual artist with a new voice to sponsor with $1 million and display their art in our stores around the world. Additionally, Starbucks will pick five emerging architects to design five stores each year across the network.&nbsp;

“Our cafes often represent the beauty of the local communities we serve,” said Narasimhan. “Whether I’m walking down one of the halls of our Support Center or visiting a store, it’s very clear to me that art, music, architecture and culture serve as inspiration for Starbucks to dream bigger. The walls inside our 38,000 stores and the walls outside our 38,000 stores are essentially galleries - featuring art in service of human connection.” Starbucks will announce the approach to the selection at the company’s Annual Meeting of Shareholders.&nbsp;

Earlier today, the company set guidance for FY24. Global comps between 5-7 percent, with revenue growth at the low end of the 10-12 percent range and earnings growth of 15-20 percent, reflecting the multiple paths to deliver double digit revenue and earnings growth. The Starbucks business has great momentum, with significant headroom and strength in the brand, confidence in its ability to further grow and invest in our partners and the business while delivering consistency in shareholder returns. The company sees multiple paths to the shape of the long-term algorithm of comp growth of 5 percent&nbsp;or greater, revenue growth of 10 percent or greater, and EPS growth of 15 percent or greater.&nbsp;

A replay of the webcast and slides shown during the event’s presentations will be available on the Events &amp; Presentations section of the company’s website until end of day, Friday, April 26, 2024.The event will be webcast and can be accessed on the company’s website at: <a href="https://investor.starbucks.com/ir-home/default.aspx" target="_blank" rel="noreferrer noopener">https://investor.starbucks.com/ir-home/default.aspx</a>.&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, 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 <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fstories.starbucks.com&amp;esheet=53579514&amp;newsitemid=20231005245896&amp;lan=en-US&amp;anchor=https%3A%2F%2Fstories.starbucks.com&amp;index=3&amp;md5=8b24d521a3734e8f293c18d40b04600d" target="_blank" rel="noreferrer noopener">https://stories.starbucks.com</a> or <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.starbucks.com%2F&amp;esheet=53579514&amp;newsitemid=20231005245896&amp;lan=en-US&amp;anchor=www.starbucks.com&amp;index=4&amp;md5=083cbadac911d473e6697133c93ca2bf" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>.&nbsp;

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Forward-Looking Statements&nbsp;

Certain statements contained herein are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC, as well as:&nbsp;

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.&nbsp;

Starbucks barista in red apron handing off holiday cup to customer

Triple Shot Reinvention with Two Pumps, to elevate the brand, strengthen and scale digital, further expand globally, identify opportunities within and outside the store for efficiencies, and reinvigorate the partner culture.

Starbucks Announces Triple Shot Reinvention Strategy with Multiple Paths for Long-Term Growth 

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SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended October 1, 2023. GAAP results in fiscal 2023 and fiscal 2022 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information.

For the full press release, please visit our Investor Relations site <a href="https://investor.starbucks.com/">here</a>.

“We finished our fourth quarter and full fiscal year strong, delivering on the higher end of our full-year guidance. Our Reinvention is moving ahead of schedule, fueling revenue growth, efficiency and margin expansion,” commented Laxman Narasimhan, chief executive officer. “Notably, we continue to see the positive impact of our Reinvention on our partner and customer experiences, proof points that we can continue to create, grow and strengthen our business while creating value for all. As we enter the current year, in the face of macro uncertainty, we remain confident in the momentum throughout our business and headroom globally. We expect sustained momentum throughout the company for years to come,” Narasimhan added. 

“Our strong full fiscal year 2023 performance demonstrated our durable long-term growth and Reinvention plan execution,” commented Rachel Ruggeri, chief financial officer. “We are proud that our full fiscal year 2024 guidance will be grounded on a balance of both revenue growth and margin expansion,” Ruggeri added. 

Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal fourth quarter ended October 1, 2023.

Starbucks Reports Q4 and Full Year Fiscal 2023 Results  

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Starbucks sets new benchmark in sustainability for China’s specialty coffee industry and completes vertical integration in China at scale ‘from bean-to-cup’ – a first for the company globally

Company’s largest international investment in a coffee manufacturing and distribution center at RMB1.5 billion (~US$220 million)

Kunshan, China - September 19, 2023 – Starbucks today announced the eagerly anticipated opening of its China Coffee Innovation Park (CIP), fulfilling its scaled vertical integration ‘from bean-to-cup’ across one market – a first for the company globally. Since the CIP’s initial announcement in March 2020, Starbucks has made two additional rounds of investments, making it the largest investment in any Starbucks coffee manufacturing and distribution center outside the United States at RMB1.5 billion (~US$220 million). The CIP holds the distinction of being designed to be Starbucks most energy efficient and sustainable coffee manufacturing and distribution center in the world.

“As one of the largest consumer markets in the world, China presents tremendous opportunities for Starbucks. The Coffee Innovation Park highlights Starbucks foresight in elevating the supply chain through digitalization and advancing our sustainability agenda, enhancing our unique competitive advantage as we accelerate our global growth,” said Laxman Narasimhan, ceo of Starbucks Coffee Company. “I couldn’t be prouder of the China team’s visionary thinking. As Starbucks largest and fastest-growing international market, we will continue to deepen our investment and reinforce our unwavering long-term commitment to the China market.”

“The Coffee Innovation Park holds important significance for Starbucks in China and globally. It not only showcases Starbucks unrivalled coffee leadership, fulfilling our scaled vertical integration in China ‘from bean-to-cup’, but also sets a new benchmark for sustainability in China’s coffee industry. Its immersive experience center further elevates China’s specialty coffee industry with a multi-sensory showcase of the coffee journey. The CIP is yet another testament that Starbucks purpose and commitment to China go far beyond a cup of coffee,” said Belinda Wong, chairwoman and ceo of Starbucks China.

Located in the city of Kunshan, an hour from Shanghai, the 80,000m2 CIP features a roasting plant deploying Starbucks most energy efficient technology, a state-of-the-art integrated distribution center (IDC), and an immersive experience center. It imports high quality Arabica green beans for roasting, packaging, storage, and distribution, while showcasing the ‘bean-to-cup’ coffee journey to visitors and providing coffee related training - all in one location.

Elevating Starbucks Coffee Expertise and Leadership

With capacity to supply all Starbucks coffee locations in China, including as the company continues to grow, the CIP will use advanced eco-friendly technologies to blend and roast high quality Arabica green beans sourced from more than 30 countries around the world, including China.

It will power up Starbucks speed and agility in product innovation, enabling the company to produce quality coffee tailored for China. Starbucks China has cultivated a team of 20 local roasters, including the only female Master Roaster for Starbucks globally. Carefully selected from among 60,000 Starbucks China partners, every roaster in the CIP has undergone 600 hours of intensive training in the United States and China. Through cultivating local coffee roasting talent, leveraging Starbucks more than 50 years of global roasting expertise combined with local insights, the CIP will be able to develop a variety of unique blends and roast profiles in future that are created to meet the evolving tastes of Chinese customers.&nbsp;

Freshly roasted coffee will be delivered to Starbucks stores market wide from the IDC, which serves as the center of Starbucks China’s distribution network, directly supplying thousands of Starbucks stores in the region. As Starbucks most highly automated distribution center globally, the IDC uses advanced automation technologies to handle over 90 percent of volume. Also noteworthy is its 34-meter high fully automated storage and retrieval system, which makes the IDC six times more space-efficient compared to a conventional Starbucks warehouse.

Setting New Benchmark for Sustainability

The CIP pushes the envelope in sustainability as the only coffee manufacturing and distribution center in China designed and built based LEED Platinum and China Green Building Three Star1, leading sustainability standards for carbon emissions, energy and water use and waste. It features Starbucks most energy efficient roasting technology globally, which achieves significant reductions in energy consumption and carbon emissions compared to other roasting plants in Starbucks global network.

Sustainability is embedded across all aspects of the CIP’s design, construction, roasting, and operations:

Building a Leading Specialty Coffee Industry

The CIP enables Starbucks China &nbsp;to be the first market in the company’s global network to complete a fully scaled vertical integration ‘from bean-to-cup’, as well as the first coffee retailer in China to do so2 with:

Showcasing the Miraculous Journey of Coffee

Transcending traditional notions of a manufacturing site, the CIP features an immersive Experience Center that provides a creative and unique interpretation of industrial tourism with an authentic, vivid showcase of the ‘bean-to-cup’ coffee journey. Through the Experience Center, Starbucks brings to life the miraculous power of a small coffee bean, for more people to experience the romance and artistry of coffee craft, learn about the many hands working together to ensure a sustainable future for coffee, and be inspired to do their part to support planet-positive industries and lead eco-friendlier lifestyles.

Comprising of 12 touchpoints, visitors are transported across the world virtually to experience the sights, sounds and smells of faraway coffee origins from China’s Yunnan province to the farms in Costa Rica. They will witness roasting in-person and up close as they learn about the latest innovations and sustainability practices at different parts of the coffee value chain. For the most loyal fans, select Starbucks Rewards Gold members will be able to immerse themselves in this wondrous experience in the near future.

Starbucks has been contributing to building a leading specialty coffee industry in China since entering the Chinese mainland market in 1999. It has been operating a Farmer Support Center in Yunnan since 2012, to provide open‐source agronomy resources to local coffee farmers. Earlier this month, it established the Starbucks China Innovation and Tech Center, focused on incubating human-centric digital retail innovations for the China market, where a new Starbucks store opens every nine hours. Starbucks currently has a market footprint of more than 6,500 stores across more than 250 Chinese cities. It continues to ramp up its commitment in China as it strives towards its ambition to operate 9,000 stores across 300 Chinese cities by 2025 and invest over US $450 million.&nbsp; This will be complemented by 4,000 “We Proudly Serve” Starbucks Coffee Foodservice sites.

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 36,000 stores worldwide, 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 <a href="https://www.stories.starbucks.com/">https://stories.starbucks.com</a>&nbsp;or&nbsp;<a href="https://www.starbucks.com/">www.starbucks.com</a>.&nbsp;

Forward-Looking Statements

Certain statements contained herein are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections. Our forward-looking statements, and the risks and uncertainties related thereto, include, but are not limited to, those described under the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings with the SEC, as well as:

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

1 Derived based on publicly available information.

2 Derived based on publicly available information.

Starbucks China Coffee Innovation Park: Now Roasting - Starbucks Stories

Starbucks China Coffee Innovation Park: Now Roasting

Starbucks today announced the eagerly anticipated opening of its China Coffee Innovation Park (CIP), fulfilling its scaled vertical integration ‘from bean-to-cup’ across one market – a first for the company globally.

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https://stories.starbucks.com/press/2023/starbucks-china-coffee-innovation-park/

Starbucks Coffee Company today announced the promotion of Molly Liu to executive vice president and co-chief executive officer of Starbucks China, effective October 2, 2023. Liu has served as Starbucks China’s chief operating officer since 2021, and previously served as the company’s vice president of Digital Ventures. 

“Molly is a strong leader who has been instrumental in elevating the Starbucks Experience for our Chinese customers and driving industry-leading innovation for our China business,” said Laxman Narasimhan, chief executive officer of Starbucks. “There remains tremendous opportunity for Starbucks in China, and I’m confident that together, Belinda and Molly, will lead Starbucks through our next chapter, while living our Mission and Values.”&nbsp;

Since joining the company in 2012, Liu has held many leadership roles. As head of the Digital Ventures organization, she set the foundation for the company’s digital flywheel in the market, most notably with the launch of “Starbucks Delivers” and “Starbucks Now” digital ordering services, which grew to contribute 48 percent of China sales in Q3 FY23. In addition, she established the company’s Starbucks Rewards program and turned it into a leading loyalty program with more than 20 million active members. Recently as coo, she oversaw the company’s accelerated expansion to more store locations, while invigorating coffee beverage innovation with the successful launch of new platforms. &nbsp;

“It’s an honor to lead Starbucks China in this moment as we strengthen our focus on the experiences we create for our partners (employee) and customers,” said Liu. “Belinda and I have worked together for over a decade and I’m excited to be partnering with her in this role as we continue to deepen the moments of human connection with our Chinese customers.”

Belinda Wong will continue to serve as chairwoman and ceo of Starbucks China, as the company aims to operate 9,000 stores across 300 cities by 2025 that will create more than 10,000 additional jobs annually. A 24-year partner, Wong’s strategic vision, entrepreneurial drive, and deep love for the company and its people has resulted in the company’s unprecedented growth since leading the market in 2011.

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 36,000 stores worldwide, 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 <a href="https://stories.starbucks.com/">https://stories.starbucks.com</a> or <a href="https://www.starbucks.com/" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>. &nbsp;

Starbucks Coffee Company today announced the promotion of Molly Liu to executive vice president and co-chief executive officer of Starbucks China, effective October 2, 2023.

Starbucks Promotes Molly Liu to co-ceo of Starbucks China - Starbucks Stories

Starbucks Promotes Molly Liu to co-ceo of Starbucks China

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Howard Schultz&nbsp;to retire as director; Starbucks honors Schultz as lifelong Chairman Emeritus, forever inspired by his passion, heart, spirit, and commitment to the power of human connection

Elects Wei Zhang to join Board of Directors, bringing more than 20 years of experience in global operations, consumer technology and corporate business development

SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today&nbsp;announced Howard Schultz, the company’s modern-day founder and chairman emeritus, will step down from the Board of Directors effective today as part of a planned transition.&nbsp;Schultz previously stepped down as chief executive officer in March of this year.&nbsp;

"As I reflect on my 41 years with the company, a foundation of love and creative, passionate customer experience has been built by over five million partners (employees) around the world who have worked in the company," said Schultz. "My gratitude to them and the millions of stakeholders and customers that have helped Starbucks endure is beyond measure. I am enormously blessed to have experienced this journey from the ground floor at the company these many years.&nbsp; I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus."

Schultz, who has long encouraged Starbucks partners to "dream big and then dream bigger," transformed Starbucks from a small company selling only whole beans to the renowned third place that it is today with more than 36,000 stores in 86 markets around the world. Starbucks went public on June 26, 1992. Since then, the stock price has increased on a split adjusted basis to $96.24 today, as of September 12, 2023, representing an increase of approximately 36,000 percent or, including dividends, a total return of approximately 41,000 percent on the investment compared to an approximately 1,000 percent total return for the S&amp;P 500 over the same period.

Along the way, Schultz focused on creating opportunities for partners such as he never had growing up in the housing projects of Brooklyn, New York. Under his leadership, Starbucks became one of the first employers to offer&nbsp;company stock ownership and&nbsp;health care&nbsp;for full and part-time employees, pathways to higher education by providing upfront tuition coverage through the Starbucks College Achievement Plan, family expansion benefits, and more.

Schultz, who built Starbucks into a company that has served as a launching pad for millions, will now turn his attention with his wife Sheri to focus on a range of philanthropic and entrepreneurial investments to&nbsp;create greater opportunity, accessible to all. They are co-founders of the <a href="https://www.schultzfamilyfoundation.org/" target="_blank" rel="noreferrer noopener">Schultz Family Foundation</a> and <a href="https://www.emesproject.com/" target="_blank" rel="noreferrer noopener">emes project LLC</a>, two organizations working in partnership with employers, entrepreneurs, non-profits, and governments to seed innovations and scale solutions&nbsp;that are aimed at enabling everyone to access the full promise of America.

"Howard’s vision, courage and deep love and responsibility for partners and this company created a blueprint for us all in how to lead through the lens of humanity," said Mellody Hobson, independent Starbucks Board of Directors chair. "He put partners and shareholders above himself when he returned to Starbucks as ceo in 2022, working tirelessly. On behalf of the board, I offer my deepest thanks and appreciation to him as he steps down. Going forward, we will forever be inspired by his passion, heart, spirit, and commitment to the power of human connection, and we remain grateful for his support of our leaders and confidence in the company."

Starbucks also announced today the election of Wei Zhang to the company’s Board of Directors, effective October 1. Zhang most recently served as senior advisor to Alibaba Group, and formerly led Alibaba Pictures Group as president. Zhang joins Starbucks board as its eighth director, following the election of Beth Ford, CEO of Land O’Lakes Inc., earlier this year.&nbsp;&nbsp;

"Wei is recognized as an innovator and game changer, and we are thrilled to have her join us. Her deep experience, perspective and commitment to corporate business development will help guide us as we continue to grow as a global company," said Hobson. "Her addition to the board, combined with Laxman’s inspiring and strategic vision, proven operational effectiveness, and deep experience in both developed and developing markets, makes me confident that our best days are truly ahead of us."

Zhang spent more than a decade leading Alibaba Group’s international business and media strategy, most recently as senior advisor to Alibaba Group and president of Alibaba Pictures Group. In her earlier role as Alibaba Group’s SVP out of Beijing, she led teams and initiatives to grow the company’s corporate development, corporate strategy and social responsibility. Zhang has also served in similar leadership roles at News Corp China and CNBC China, where she led the company’s operations, strategy and business development. Zhang’s background also includes senior positions at Bain &amp; Company and General Electric.&nbsp;

Zhang currently serves on the board for Ralph Lauren Corporation. She is also a past board member of Los Angeles Sports &amp; Entertainment Commission, Amblin Partners and the Jack Ma Foundation, among others.&nbsp;

"The limitless growth mindset that guides Starbucks partners and business is impressive and has resonance," said Zhang. "I’ve been a Starbucks customer across the globe for decades. I’m honored to have the opportunity to work with the board and talented leadership team to contribute to the power, relevance and resilience of the Starbucks business and brand – creating significant value for all stakeholders."

Zhang earned her MBA from Harvard Business School and her bachelor’s degree from Seton Hill University.&nbsp;In 2019, she was recognized with one of the university’s highest honors, the Distinguished Alumni Leadership Award, presented annually to a Seton graduate for their industry contributions, professional achievements and service to their community. In 2020,&nbsp;Business Insider&nbsp;named her as one of the "100 People Transforming Business" and in 2019, she was recognized with an "Entertainment Game Changer Award" from Asia Society.&nbsp;&nbsp;

"I want to extend a warm welcome to Wei, who brings essential experience in global operations, consumer technology, entertainment and corporate business development to the Starbucks board,"&nbsp;said Laxman Narasimhan, chief executive officer of Starbucks. "I also offer my respect to Howard as he steps down from the board. As we go forward, Starbucks will continue our journey of investment in our people, our business and the communities we serve to deliver outsized returns to all our stakeholders."

Other members of the&nbsp;<a href="https://investor.starbucks.com/corporate-governance/board-of-directors/default.aspx" target="_blank" rel="noreferrer noopener">Starbucks Board of Directors</a>&nbsp;include: Mellody Hobson, Richard Allison, Andy Campion, Beth Ford, Jørgen Vig Knudstorp, Satya Nadella and Laxman Narasimhan.

&nbsp;About Starbucks&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 36,000 stores worldwide, 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 <a href="https://www.stories.starbucks.com">https://stories.starbucks.com</a> or&nbsp;<a href="https://www.starbucks.com/" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>.&nbsp;

Starbucks Announces Transitions to Its Board of Directors - Starbucks Stories

Starbucks Announces Transitions to Its Board of Directors

Howard Schultz to retire as director; Starbucks honors Schultz as lifelong Chairman Emeritus, forever inspired by his passion, heart, spirit, and commitment to the power of human connection Elects Wei Zhang to join Board of Directors, bringing more than 20 years of experience in global operations, consumer technology and corporate business development

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Press Releases

Starbucks Corporation Issues Statement in Response to SOC Nomination

Starbucks Announces Intention to Establish New Environmental, Partner and Community Impact Board Committee Focused on Oversight of Stakeholder Promises

Starbucks Raises the Bar with Industry-Leading Employee Benefits, Outperforming Competitors

Starbucks Announces Triple Shot Reinvention Strategy with Multiple Paths for Long-Term Growth

Starbucks Reports Q4 and Full Year Fiscal 2023 Results

Starbucks China Coffee Innovation Park: Now Roasting

Starbucks Promotes Molly Liu to co-ceo of Starbucks China

Starbucks Announces Transitions to Its Board of Directors

Nestlé and Starbucks Celebrate Five Years of their Global Coffee Alliance

Summer Just Got Brighter with Starbucks Limited-Time Summer Remix Menu

Starbucks Latest California Borrow A Cup Test Furthers Company’s Shift Toward Reusables

Starbucks Reports Q3 Fiscal 2023 Results

Press Releases

Starbucks Corporation Issues Statement in Response to SOC Nomination

Starbucks Announces Intention to Establish New Environmental, Partner and Community Impact Board Committee Focused on Oversight of Stakeholder Promises

Starbucks Raises the Bar with Industry-Leading Employee Benefits, Outperforming Competitors

Starbucks Announces Triple Shot Reinvention Strategy with Multiple Paths for Long-Term Growth

Starbucks Reports Q4 and Full Year Fiscal 2023 Results

Starbucks China Coffee Innovation Park: Now Roasting

Starbucks Promotes Molly Liu to co-ceo of Starbucks China

Starbucks Announces Transitions to Its Board of Directors

Nestlé and Starbucks Celebrate Five Years of their Global Coffee Alliance

Summer Just Got Brighter with Starbucks Limited-Time Summer Remix Menu

Starbucks Latest California Borrow A Cup Test Furthers Company’s Shift Toward Reusables

Starbucks Reports Q3 Fiscal 2023 Results

Starbucks Reports Q4 and Full Year Fiscal 2023 Results 

Starbucks Promotes Molly Liu to co-ceo of Starbucks China