Jim Donald, the man who put high-priced coffee in every strip mall from Seattle to Providence has been roasted.
Despite being the brew-master that made Starbucks the place to get robbed by snotty-nosed teenagers for a cup of coffee, the company’s stock dropped 42 percent last year.
The aroma of fresh brewed money was not taken lightly by the board and Chairman Howard Schultz will take over the running of the caffeinated barons of brew.
Starbucks Corp agreed to pay Mr. Donald $1.25 million in severance to clear out his desk. Payments will be spread out over 12 months to make sure he complies with his agreement not compete against his former employer.
You won’t need to buy Mr. Donald a cup of Java, he has a handsome portfolio that he can browse while sipping tea and going to the mailbox. It is reported that he owns 1.45 million shares of Starbucks’ stock that is worth about $10.1 million.
