Chairman and Chief Executive Howard Schultz and other executives at Starbucks Corp. won't receive salary increases in the next fiscal year, according to an internal memo sent this week.

The move is part of the Seattle-based coffee chain's effort to cut spending.

All U.S. workers at the vice president level and above will not get raises for the coming fiscal year that starts at the end of September, the memo said. The memo first appeared on www.starbucksgossip.com and a Starbucks spokeswoman confirmed its authenticity.

The memo also said that, based on Starbucks's year-to-date performance, the company doesn't appear likely to hit the financial targets that trigger its general management incentive plan payouts.