Starbucks names new CFO |
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Tue, 03 Apr 2007 23:58
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SEATTLE (AP) - Starbucks Corp. said Tuesday it has hired Peter Bocian of NCR Corp. to replace Michael Casey, the company's longtime chief financial officer.Casey, who also serves as an executive vice president and chief administrative officer, is moving to a senior advisory position with the world's largest specialty coffee retailer.Casey announced the transition last year. He has been Starbucks' CFO for 12 years.Bocian will join Starbucks next month, and will officially succeed Casey in October, at the start of the company's 2008 fiscal year. He will report to President and Chief Executive Jim Donald, the Seattle-based company said in a statement.According to regulatory filings, Bocian's annual salary will be $575,000. He also will get a $500,000 signing bonus and a guaranteed minimum bonus of $287,500 for the 2007 fiscal year.Among Bocian's other benefits will be a one-time grant of options for 200,000 shares of Starbucks stock, and a fiscal 2008 grant of stock options worth $1 million.Starbucks said Bocian has been a senior vice president and CFO at Dayton, Ohio-based NCR, a computer-services provider, since 2004.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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