Starbucks has named longtime executive Troy Alstead as its new chief financial officer, to replace Pete Bocian when the latter becomes chief administrative officer of Hewlett-Packard.
Starbucks has named longtime executive Troy Alstead as its new chief financial officer, to replace Pete Bocian at the end of the month.
Bocian, who had been CFO for one year, is becoming chief administrative officer of Hewlett-Packard.
Alstead was considered a front-runner for the CFO position last year, when Starbucks reached outside the company to hire Bocian from NCR to replace its CFO of 12 years, Michael Casey, who retired last fall.
Altsead, 45, has worked at Starbucks since 1992 and is currently senior vice president of global finance.
Most Read Business Stories
- 1 house, 45 offers: Homebuyers in Western Washington hard-pressed as supply remains scarce
- 55,000 in Washington state may have to pay back thousands in jobless benefits
- Boeing made an entire fake neighborhood to hide its bombers from potential WWII airstrikes
- Boeing CEO gave up millions in pay; here's what he and other top execs earned
- Seattle artists worry potential sale of historic INS building could spell the end for their studios
Chairman and CEO Howard Schultz said in a release that Bocian “leaves us with a stronger finance discipline as we have re-architected the cost structure of the company. While we will miss him, we wish him all the best as he returns to the technology sector.”
Bocian received a signing bonus of $500,000 when he came to Starbucks, along with a one-time stock option grant to buy 200,000 Starbucks shares. His starting base salary was $575,000 with a minimum bonus of $287,500 for the fiscal year ended Sept. 30, according to a securities filing.
Schultz welcomed Alstead to the CFO role, saying “he has had a series of high profile finance jobs within the company, demonstrating a keen understanding of our business, most recently leading efforts to restructure our U.S. operations.”
Alstead was one of the original members of Starbucks’ international team, and was responsible for financial leadership as well as strategic planning and business development for the fast-growing international business.
Before joining Starbucks, Alstead worked at NCR and Egghead Software. He has a bachelor’s degree in business administration from the University of Washington and lives in Gig Harbor.
Starbucks plans to announce fourth-quarter earnings on Monday, Nov. 10.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org