Tully's loses top execs

Tully's Coffee is going through another management shake up.

Chief Executive John Buller and Chief Financial Officer Kristopher Galvin have quit, according to a source who requested anonymity until a statement is made, possibly later today.

Buller joined Seattle-based Tully's in August 2006 after a decade as senior vice president of sales and marketing at The Bon Marche. His job at the time was executive director of the University of Washington's Alumni Association.

Buller replaced John Dresel, a former Seattle Sonics executive, who led Tully's as president and chief operating officer for less than two years. Previously, Tully's was led for two years by Tony Gioia, a former Baskin-Robbins president, and for five months by Jamie Colbourne, a food-and-beverage industry veteran.

The company has struggled to become profitable in its 15 years of doing business. It posted a net loss of $3.3 million for its second fiscal quarter ended Sept. 30. That was up from a $2.3 million loss in the year-earlier period.

Tully's had hoped to raise about $34.5 million in an initial public offering but indefinitely postponed it in August, citing turmoil in the stock market.

Although privately held, the company is required to disclose financial results because it has more than 500 shareholders.

Amy Martinez: 206-464-2923 or amartinez@seattletimes.com