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Tully’s chairman stepping down


Seattle Tully’s founder Tom O’Keefe announced on Friday that he was stepping down as chairman of the chain, effective June 30.

O’Keefe founded the company in 1992.

O’Keefe will remain as a shareholder. His decision to step down as board chairman is the latest in a series of company moves in the past year.

In March 2009, Tully’s sold its wholesale business to Green Mountain Coffee Roasters for $40.3 million. That money allowed Tully’s -- which operates under the corporate name of TC Global -- to pay off its debts and provide a $6 million dividend to shareholders.

In August, Green Mountain Coffee Roasters announced it was opening a new coffee roasting and distribution facility in the city of Sumner, Wash., moving the roasting facility from Tully’s Coffee Corp. headquarters at Seattle’s historic Rainier Brewery building.

Tully’s has 183 stores in the United States, including 79 company-operated stores and 104 franchised cafes.

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