Recap: Starbucks 2024 Annual Meeting of Shareholders
Today, Starbucks virtually hosted its 32nd annual meeting of shareholders. Mellody Hobson, independent chair of the Starbucks Board of Directors, joined Laxman Narasimhan, chief executive officer, for opening remarks followed by the formal meeting led by Brad Lerman, executive vice president and general counsel.
As part of their opening remarks, both Hobson and Narasimhan offered perspectives on the year in review, acknowledged early progress driven by the company’s Triple Shot Reinvention with Two Pumps strategic plan, and shared their optimism for the long-term success of the company.
Grounded in Starbucks history and heritage, the company began the meeting with a sound-rich coffee tasting video, showcasing the journey behind its new spring lavender beverage offerings in the U.S.
Here are the important takeaways from today’s Annual Meeting of Shareholders:
Hobson opened the meeting by acknowledging the continued transformation of Starbucks while reminding shareholders of recent efforts to strengthen the Board—all of which have continued to drive sustained value for stakeholders over time.
“The Starbucks Board is truly noteworthy. Stocked with world-class business leaders who help operate some of the most successful and iconic companies in the world. They bring remarkable expertise to Starbucks across so many fields,” Hobson remarked.
Since 2022, Starbucks has added five new independent directors to its board, to ensure the Board has the right balance of continuity and fresh perspectives to thrive in today’s changing environment.
These appointees include Beth Ford, CEO, Land O’Lakes; Wei Zhang, former Senior Advisor and President, Alibaba Pictures Group; Neal Mohan, CEO, YouTube, Daniel Servitje, CEO, President and Chairman, Grupo Bimbo SAB de CV, and Mike Sievert, CEO, President and Director, T-Mobile, USA.
Also, the board recently formed a new Environmental, Partner and Community Impact (EPCI) Committee to help oversee evolving regulations and standards as they apply to Starbucks partners and stakeholders.
Narasimhan followed Hobson with remarks focused on the enduring nature and long-term outlook of the brand.
“The Starbucks brand has always had an amazing way of finding a path forward reinventing itself and continuing to find relevance with customers over the last 53 years. We have continued to reinvent not who we are, but what we do – and how we connect with our customers,” he said.
“Like other global companies, we face a complicated operating environment, and some challenging headwinds. We are not immune from them. But, throughout our history, Starbucks has grown stronger and has become more relevant and resilient. We have the right team and the right plan. As we look to the future, the opportunity we have is truly limitless.”
One year after taking over the reins of Starbucks as chief executive officer and spending time in stores around the world, Narasimhan expanded further on what’s ahead.
"As we think more about product innovation, our opportunity in coffee remains a real advantage—it is our core strength, and we are investing to ensure we sustain our distinctiveness and ensure its future. For example, the initial feedback on our new Lavender beverages and their unique flavor notes, launched for the spring season, has been overwhelmingly positive."
Additionally, shareholders voted on several proposals during the meeting, including a report on plant-based milk pricing submitted by the People for the Ethical Treatment of Animals, a report on direct and systemic discrimination submitted by the National Center for Public Policy Research, and a report on human rights policies submitted by the National Legal and Policy Center. The results of these votes will be posted publicly within four days of the meeting.
What to expect from Starbucks 2024 Annual meeting of shareholders. Available at: https://stories.starbucks.com/press/2024/what-to-expect-from-starbucks-2024-annual-meeting-of-shareholders