Starbucks executives Howard Schultz, Jim Donald and Jim Alling did not receive bonuses for their work in 2007 because the company did not...
Starbucks executives Howard Schultz, Jim Donald and Jim Alling did not receive bonuses for their work in 2007 because the company did not meet internal profit targets, according to a filing today with the Securities and Exchange Commission.
Other top executive bonuses were curtailed.
Traffic at Starbucks’ U.S. stores fell 1 percent last summer, and the company’s stock stagnated for months before Schultz announced earlier this month that he would reassume the role of chief executive. The stock rose on that news but still trades near $20 a share, down from a 52-week high of $35.67.
Schultz, who continues to serve as Starbucks’ chairman, maintained his 2006 salary of $1.19 million and received $8.58 million in option awards plus $861,398 in other compensation.
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Except for the options, Schultz’s compensation was down 57 percent from 2006, when he received a $2.38 million bonus. His options for 2006 were worth between $18.49 million and $46.86 million, depending on appreciation, according to Starbucks calculations.
Donald, who stepped down as CEO, received a salary of $1 million for 2007, up from $978,946 for 2006, plus option awards worth $6.49 million and $36,920 in other compensation. The company has not yet disclosed if it paid Donald any severance.
All figures are for Starbucks’ fiscal year, which ends on or near Sept. 30. The company holds its annual shareholder’s meeting on March 19.
Alling was president of Starbucks’ U.S. operations until September, when he became president of international operations. He did not receive a bonus because he did not meet goals set by the company, largely because of problems with U.S. operations.
Two executives who received scaled-back bonuses were Martin Coles, who became chief operating officer in September after being president of international operations, and now-retired chief financial officer Michael Casey.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org