Strategic Organizing Center Issues Statement on Starbucks
05 Mars 2024 - 2:30PM
Business Wire
Believes agreement on path forward reached by
Starbucks and Workers United represents meaningful progress that
will benefit all stakeholders
Withdrawing director nominees to allow the
Company to focus on upholding its new commitments to workers and
enhancing value for shareholders
The Strategic Organizing Center (the “SOC”), a shareholder of
Starbucks Corporation (Nasdaq: SBUX) (“Starbucks” or the
“Company”), today issued the following statement:
The SOC launched our campaign for change at Starbucks this past
November because we believed the Company’s response to its
employees’ attempts to unionize was misguided. In our view,
Starbucks’ strategy – overseen by the Board of Directors (the
“Board”) – had materially damaged the value of the Company’s brand
and negatively impacted its shareholders, partners and
customers.
Last Tuesday, Starbucks and Workers United announced that the
two sides had agreed to work together on a path forward to reach
collective bargaining agreements for represented stores and
partners, the resolution of litigation, and a fair process for
workers to organize. Starbucks also took the significant step of
providing employees represented by Workers United with the May 2022
benefits, including credit card tipping. As was widely noted, this
agreement represents a potentially ‘huge shift’ in Starbucks’ labor
relations strategy and a ‘major step forward for all
involved.1,2
Since the announcements, we have had meaningful dialogue with a
number of other shareholders. Based on these discussions, we
believe that by and large shareholders are optimistic the Company
has committed to these changes in good faith and intends to begin
to repair its relationship with its workers, which will ultimately
enhance performance and shareholder value. We also believe
Starbucks’ establishment of its Environmental, Partner and
Community Impact Board Committee represents an important governance
reform, one which we hope will increase board oversight and
performance on Starbucks’ partner-related issues.
While we continue to believe that our three exceptionally
qualified nominees – Maria Echaveste, Hon. Wilma Liebman, and Hon.
Josh Gotbaum – would be additive to the Starbucks Board, we feel
that now is the time to acknowledge the progress that has been made
and to allow the Company and its workers to focus on moving
forward. As such, we are withdrawing our director nominations.
We think it’s imperative that shareholders continue to monitor
the Board’s performance and Starbucks’ approach to labor relations
issues in the coming months – and we plan to continue to hold the
Company accountable going forward.
We would like to thank our nominees, the shareholders we engaged
with, and everyone involved with our campaign. We are truly hopeful
that the commitments made and steps taken last week will result in
Starbucks returning to the right path, and the Company being able
to fulfill its vast potential for all its stakeholders.
***
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 ABOUT THE BLUE PROXY CARD
Blue proxy cards that have been properly signed and returned to
the SOC or its agents will be voted as directed, except that any
votes for the SOC’s nominees on such cards will be disregarded and
will not be voted at the Annual Meeting. Relatedly, any votes
marked for the Company’s nominees on the blue proxy card will be
voted as directed at the Annual Meeting.
1 The New York Times: Starbucks and Union Agree to Work Out
Framework for Contract Talks, By Noam Scheiber (Feb. 27, 2024). 2
Institutional Shareholder Services Inc. report issued on Feb. 29,
2024.
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version on businesswire.com: https://www.businesswire.com/news/home/20240305747646/en/
Investor Contact Okapi Partners Bruce Goldfarb / Pat
McHugh, (877) 285-5990 info@okapipartners.com Media Contacts
Longacre Square Partners soc-sbux@longacresquare.com
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