Coffee City
Melissa Allison follows the world's biggest coffee-shop chain and other Seattle caffeine purveyors.
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Starbucks releases golden parachute for former international chief: a year's salary plus insurance, job hunting services
Posted by Melissa Allison
Starbucks will pay its former top international executive, Martin Coles, one year's salary plus a year of medical and dental insurance and job hunting services worth up to $14,000, the company said in a securities filing today.
Coles' salary was $725,000 in fiscal 2008, the last year for which data are available. His total compensation that year was $2.7 million. He was the highest-paid Starbucks executive after CEO Howard Schultz.
On Tuesday, Starbucks said Coles, 54, had left to "pursue new opportunities" and that Starbucks executive John Culver, 49, has replaced him to run what is expected to be one of its fastest-growing businesses.
Just last month, Coles was awarded stock units that could have been worth more than $1 million over the next couple years. He forfeits unvested stock units, including those, upon his departure.
After closing more stores than it opened in fiscal 2009, Starbucks plans to open 100 stores in the U.S. and 200 internationally in the coming year. As of late September, it had 11,128 shops in the U.S. and 5,507 in other countries.
Coles had been in charge of Starbucks' international operations twice. In 2007, he left that role to become Starbucks' chief operating officer. A year later, he returned to the international job when Jim Alling -- who had led Starbucks' blockbuster U.S. growth -- left the company after less than a year of heading its international business. Alling is now chief operations officer at T-Mobile USA.
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