- Push-out Score suggests push-out forces
- After about five years in the position
- Praise and thanks for Maw
- Search for a successor
- Maw said 47 words
(exechange) — Seattle, Washington, June 28, 2018 — Scott Maw, finance chief of Starbucks, leaves. As announced by Starbucks Corporation in a news release and in a regulatory filing published on Thursday, June 28, 2018, Scott Harlan Maw leaves his post as chief financial officer at the coffeehouse chain after about five years in the role, effective November 30, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.6 years, according to data compiled by exechange.
Maw’s move comes 15 months after Kevin Johnson took over as CEO of Starbucks Corporation.
Furthermore, Maw’s move comes shortly after Myron E. Ullman III took over as Chairman of Starbucks Corporation.
Starbucks will undertake a search for a successor.
No reason given
In the announcement, Starbucks did not explicitly explain the reason for Maw’s move, leaving room for speculation.
Precise information about Maw’s future plans was not immediately available.
Starbucks said: “Scott Maw, executive vice president and chief financial officer, is retiring effective November 30, 2018.”
Share price decline
The change follows a decline in the share price of Starbucks Corporation since June 20, 2018.
Chaired by Mike Ullman
Starbucks Corporation is chaired by Myron E. Ullman III.
On June 4, 2018, Starbucks announced that Howard Schultz is stepping down as executive chairman and member of the Board of Directors and will be honored with the title of chairman emeritus effective June 26, 2018.
On June 4, 2018, Starbucks also announced that its Board of Directors has appointed Myron E. “Mike” Ullman as its new chair of the Board.
CEO: Kevin Johnson
Kevin Johnson serves as CEO of Starbucks Corporation. Kevin R. Johnson has been the Chief Executive Officer of Starbucks Corp since April 3, 2017 and has been its President since March 1, 2015.
In the position of CFO since 2014
Scott Maw is executive vice president and chief financial officer for Starbucks Coffee Company.
He was promoted to this role in February 2014 and is responsible for the company’s Global Finance organization.
Prior to Maw’s promotion, he served as senior vice president of Corporate Finance where he was responsible for corporate finance, including accounting, tax and treasury.
Maw also had oversight for all financial and securities-related regulatory filings.
He joined Starbucks as global controller in 2011.
Prior to joining Starbucks, Maw served as CFO of SeaBright Insurance Company from 2010 to 2011.
From 2008 to February 2010 he served as CFO of the Consumer Banking division of JPMorgan Chase & Co., having held a similar position at Washington Mutual Bank prior to its acquisition by Chase.
At Chase and WaMu, Maw was responsible for all finance and accounting functions for the retail branch networks of the banks.
From 1994 to 2003, he served in various finance leadership positions at General Electric Company, including serving as CFO for GE Insurance Holdings, Inc. in London.
Maw graduated from Gonzaga University with a B.A. in Accounting.
In his free time, Maw enjoys golf and spending time with his family.
Generally speaking, when a top leader announces to step down with no successor in place, it’s a signal that the move was unexpected and too early.
Generally speaking, potential causes for an unexpected management change can be, among others, disagreement or dispute, family reasons and surprising new career opportunities.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Scott Maw’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 27.2018 ($).