SEATTLE Starbucks Corp. on Tuesday appointed Peter J. Bocian as executive vice president and chief financial officer designate to replace long-time CFO Michael Casey, who announced his pending retirement last year.
Bocian is the chief financial officer at NCR Corp., an information technology services provider and ATM machine manufacturer, where he has worked in various roles for 24 years. He will retire from NCR May 11, and, after a transition period at Starbucks beginning May 14, will assume the role of executive vice president, chief financial officer and chief administrative officer at the coffeehouse operator effective October 1. Bocian will report to Starbucks president and chief executive Jim Donald.
"Pete's global experience and solid record of delivering results are attributes we were looking for in our next CFO," Donald said in a statement. "He's joining us at an ideal time, bringing his international finance experience and proven leadership skills as we continue our aggressive expansion overseas."
Starbucks' current CFO, Casey, will transition from that role, which he held for 12 years, to a "senior advisory role" effective September 30, the last day of the company's fiscal year 2007, Starbucks said in a regulatory filing.
Bocian will be paid a base salary of $575,000, a one-time signing bonus of $500,000 and a stock option grant to purchase 200,000 shares of Starbucks common stock, according to the employment agreement filed with federal regulators. For the current fiscal year ending September 30, Bocian will receive a guaranteed minimum bonus of $287,500. In fiscal 2008, Bocian also will be granted stock options with a value of $1 million, subject to board approval.