Kohl’s paying nearly $10M to lure Starbucks exec
The department store chain is awarding Michelle Gass a pay package that includes salary, stocks and signing bonus, according to a securities filing.
Seattle Times business reporter
The department store chain Kohl’s is paying former Starbucks executive Michelle Gass $9 million to join the company, where she will be chief customer officer.
That’s in addition to $927,200 in annual salary.
Starbucks announced Wednesday that Gass, who helped CEO Howard Schultz turn the company around and most recently tried to fix its flagging business in Europe, was leaving for Kohl’s.
Gass was not one of the five highest-paid executives at Starbucks, which meant it did not disclose her compensation. John Culver, who runs the coffee chain’s Asia-Pacific market, is the lowest-paid executive on that list. His most recently reported annual compensation was $2.8 million, including salary, stock and other awards.
Kohl’s paid Gass a $1 million signing bonus, the chain said in a securities filing Thursday. She also will receive a restricted stock award of $8 million “in recognition of the equity awards forfeited by Ms. Gass in connection with her resignation from her previous employment.”
Gass starts at Menomenee Falls, Wis.-based Kohl’s on June 17.
Melissa Allison: 206-464-3312 or firstname.lastname@example.org. Twitter @AllisonSeattle.