Company Announcements

Details why Starbucks’ flawed human capital management strategy is the most critical issue facing the Company today and how the Board’s failed oversight has cost shareholders, employees and customers

Believes that the SOC’s nominees have expertise that is lacking on the current Board and skillsets that are needed urgently to help address the Company’s broken approach to labor issues, rehabilitate its brand and maximize shareholder value

Visit www.BrewABetterStarbucks.com to view the investor presentation

WASHINGTON--(BUSINESS WIRE)--Feb. 20, 2024-- The Strategic Organizing Center (the “SOC”), a shareholder of Starbucks Corporation (Nasdaq: SBUX) (“Starbucks” or the “Company”), today announced the release of an investor presentation detailing the urgent need for change at the Company. The presentation – titled “Brew a Better Starbucks” – is available at www.BrewABetterStarbucks.com.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240220437846/en/

The SOC stated: “Starbucks is an iconic company that has lost its way. The current Board of Directors (the “Board”) has tolerated an unacceptable level of reputational risk, endorsed a counterproductive approach to labor issues and permitted a flawed allocation of resources – all of which have negatively impacted shareholder value. These problems are getting worse, not better. We believe it is time for a change, which is why the SOC has nominated three ideally qualified individuals, who bring diverse leadership experience from within the business, government and non-profit sectors, for election to the Starbucks Board. Most importantly, these nominees possess expertise sorely lacking on the current Board. We encourage shareholders to help send the message that it is time to Brew a Better Starbucks by voting for our director candidates today.”

The SOC Nominees are:

• Maria Echaveste , a former senior White House official, senior Department of Labor appointee and corporate attorney with significant international relations and public company board experience.
• Hon. Joshua Gotbaum, who has been a director of both public and private companies with decades of experience in corporate governance and change, as well as significant public policy and government experience.
• Hon. Wilma Liebman, who possesses over 40 years of experience in labor management, employee relations, wage negotiations, public policy and law – including having served as the Chair of the National Labor Relations Board under President Barack Obama.

For the SOC Nominees’ full biographies, see here.

Shareholders can be part of ensuring Starbucks returns to the right path for the future by using the BLUEproxy card – to vote “FOR” each of the SOC Nominees today. Shareholders can also vote for the SOC Nominees on the Company’s White proxy card.

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DISCLAIMER

This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “will,” “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. Any projected results and/or statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this press release is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this press release in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. Any figures are unaudited estimates and subject to revision without notice. The SOC disclaims any obligation to update the information herein and reserve the right to change any of their opinions expressed herein at any time as they deem appropriate. Past performance is not indicative of future results.

IMPORTANT INFORMATION

The SOC, the SEIU, Mary Kay Henry, Ahmer Qadeer, Michael Zucker, Maria Echaveste, Joshua Gotbaum, and Wilma B. Liebman (collectively, the “Participants”) filed a definitive proxy statement and accompanying proxy card (the “Proxy Statement”) with the SEC on January 25, 2024 to be used to solicit proxies in connection with the 2024 annual meeting of shareholders (the “Annual Meeting”) of Starbucks Corporation (the “Company”). All shareholders of the Company are advised to read the Proxy Statement and other documents related to the solicitation of proxies, each in connection with the Annual Meeting, by the Participants, as they contain important information, including additional information related to the Participants, including a description of their direct or indirect interests by security holdings or otherwise. The Proxy Statement and an accompanying BLUE proxy card will be furnished to some or all of the Company’s stockholders and is, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240220437846/en/

Investor
Okapi Partners
Bruce Goldfarb / Pat McHugh, (877) 285-5990
info@okapipartners.com

Media
Longacre Square Partners
soc-sbux@longacresquare.com

Source: The Strategic Organizing Center