Starbucks general counsel to leave as Schultz returns as CEO
Reuters
Published Apr 05, 2022 05:22PM ET
Updated Apr 05, 2022 06:11PM ET
By Hilary Russ
(Reuters) -Starbucks Corp General Counsel Rachel Gonzalez was dismissed from her role as Howard Schultz returns to the chief executive position, according to a regulatory filing on Tuesday.
Gonzalez will continue to serve as an adviser until she leaves the company on May 20, the filing said.
Gonzalez had reported to former CEO Kevin Johnson, who said in March he would retire as the coffee chain faces a growing unionization drive at some of its U.S. locations.
Returning to the CEO position for the third time, Schultz on Monday suspended billions of dollars of planned share buybacks, saying he could put the cash toward employees, stores and customers.
Starbucks (NASDAQ:SBUX) shares closed down 4.5% at $84.12 after falling more than 3% on Monday.
When she leaves, Gonzalez will receive at least $7.5 million in severance, prorated bonuses, equity grants and other benefits, according to the filing.
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Written By: Reuters
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