Thursday, April 18, 2024
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Starbucks President and CEO to Retire in April

by Katie Lee

Seattle — Starbucks Corporation has announced that Kevin Johnson, president and chief executive officer, intends to retire after a 13-year tenure at the company, including the last 5 years as CEO. Johnson will transition from his current role on April 4, 2022, and will continue to serve as a Starbucks partner (employee) and special consultant to the company and board of directors through September. The Starbucks board of directors has been engaged in continuous CEO succession planning, assisted by Russell Reynolds Associates since 2021, and anticipates selecting a new leader …

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Starbucks Promotes 3 Executives

by Katie Lee

Seattle — Starbucks Corporation has made several leadership promotions to advance the company’s strategic business goals and position Starbucks on a clear growth path for the future. The company promoted John Culver as group president, North America and chief operating officer; Michael Conway to group president, international and channel development; and Michelle Burns to executive vice president, Global Coffee, Tea and Cocoa. These changes are effective as of June 28, 2021. “As we plan for the 2022 fiscal year and beyond, Starbucks is fortunate to have a deep, talented and …

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Starbucks Details CFO Succession Plan

by Katie Lee

Seattle — Starbucks Corporation has announced that, after a more than 35-year career in finance, Patrick Grismer has decided to retire from his position as executive vice president and chief financial officer (CFO), effective February 1, 2021. Rachel Ruggeri, senior vice president of finance, Americas, and a 16-year Starbucks partner, will succeed Grismer as executive vice president and CFO, effective February 1, 2021. Ruggeri will report to Kevin Johnson, Starbucks’ president and chief executive officer. Grismer will remain with the company as an advisor to Johnson through May 2, 2021, …

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Starbucks Reopens 85% of Stores Nationwide

by Katie Lee

Seattle — Seattle-based Starbucks has started reopening its company-operated stores across the United States. Operating under modified operations and hours, including heightened safety protocols, the company has approximately 85% of stores open now and expects to have more than 90% of stores open by early June. The company is using its experience in China, where more than 98% of its stores are open and operating under revised protocols, as the foundation for its reopening in the United States amid the continued concerns of the global COVID-19 pandemic. “We have adapted …

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Through $1.3 Billion JV Acquisition, Starbucks Will Operate All Starbucks Stores in Mainland China

by Katie Lee

Seattle — Starbucks Corporation has entered into a definitive agreement to acquire the remaining 50% share of its East China (East China JV) business from joint venture partners, Uni-President Enterprises Corporation (UPEC) and President Chain Store Corporation (PCSC) for approximately $1.3 billion in cash consideration in the largest single acquisition in the company’s history.

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