Starbucks Coffee Company

Laxman Narasimhan Officially Assumes Role of CEO of Starbucks

by Katie Lee March 20, 2023

Seattle — Incoming CEO Laxman Narasimhan has assumed, officially, the role of chief executive officer of Starbucks, effective March 20. He will also join the company’s board of directors. Narasimhan was named incoming CEO on September 1, 2022, succeeding company founder and now former CEO, Howard Schultz. Following the global search for the new leader of Starbucks, Narasimhan joined the company as incoming CEO on October 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies. Over the past …

March 20, 2023

construction and design franchise development News restaurants

Starbucks to Open 23,000 SF Store in New York City’s Empire State Building

by Katie Lee October 26, 2022

Seattle — Starbucks Coffee Company plans to open a new Starbucks Reserve location spanning 23,000 square feet and three floors at the iconic Empire State Building in New York City. Starbucks Reserve® Empire State Building®, to open on Nov. 16, will be a one-of-a-kind destination that celebrates connecting over coffee through innovative coffee house experiences. The store will showcase the imagination of Starbucks with new and classic beverages crafted with Starbucks Reserve® coffee, immersive and imaginative hands-on workshops and tasting flights, and an extensive menu of Princi® shareable plates and …

October 26, 2022

franchise development News restaurants

Starbucks Enters New Era of Growth Driven by 3-Year Reinvention Plan

by Katie Lee September 14, 2022

Seattle — At Starbucks’ recent biennial Investor Day in Seattle, interim CEO Howard Schultz, CFO Rachel Ruggeri and other Starbucks leaders showcased the company’s Reinvention plan, which aims to invest in partners, customers and stores. The plan is expected to accelerate the company’s long term growth, progressively expand operating margin and drive high-teens non-GAAP EPS growth annually through fiscal 2025. “As we execute on our Reinvention plan, we are building on our 51-year history of market leading innovation to position our business and our brand for the next chapter of …

September 14, 2022

News people restaurants

Starbucks Names Next Chief Executive Officer

by Katie Lee September 2, 2022

Seattle — Starbucks has selected Laxman Narasimhan as its next chief executive officer and a member of the Starbucks board of directors. Narasimhan will join Starbucks as incoming CEO on October 1, 2022 after relocating from London to the Seattle area and will work closely with Howard Schultz, interim CEO, before assuming the CEO role and joining the board on April 1, 2023. Narasimhan brings nearly 30 years of experience leading and advising global consumer-facing brands. Known for his considerable operational expertise, he has a proven track record in developing …

September 2, 2022

green news News restaurants

Starbucks, Volvo and ChargePoint Expand EV Charger Access from Denver to Seattle

by Katie Lee August 9, 2022

Seattle — Starbucks Corporation, in partnership with Volvo Cars, has named the first Starbucks stores where new electric vehicle (EV) chargers, powered by ChargePoint Holdings, Inc., will be available to customers and members of the public — part of the company’s commitment to a sustainable future. Four charging stations have been installed at the first Starbucks location in Provo, Utah, and additional places to charge will be positioned along a 1,350-mile route that winds through national forests and major community hubs from the Colorado Rockies to Starbucks’ headquarters in Seattle. …

August 9, 2022

News people restaurants

Starbucks Board of Directors Affirms CEO Transition Details

by Katie Lee June 13, 2022

Seattle — Starbucks Corporation’s board of directors has provided an update to affirm the search details for the company’s next chief executive officer. The board has agreed with founder Howard Schultz that he will remain as interim CEO through the first fiscal quarter of 2023. This timeline provides the company the ideal runway for a seamless transition and continuity of leadership through the 2022 holiday season, as the business transformation continues. Since returning as interim CEO on April 4, Schultz has engaged deeply with employees of all levels of the …

June 13, 2022

News restaurants retailers

Starbucks Commits $1 Billion to Invest in Employees and Store Experience

by Katie Lee May 11, 2022

Seattle — Starbucks Corporation will make additional investments in its employees and stores for prioritized areas such as increased pay, more training and modernized collaboration, store innovation, etc. — bringing the total investments to nearly $1 billion in this fiscal year alone. This decision enables Starbucks to meet record customer demand and partner needs in an operating environment deeply impacted by COVID. On a call with investors, CEO Howard Schultz said, “What you will see is the transformation of the Starbucks customer and partner [employee] experiences. The transformation will accelerate …

May 11, 2022

News people restaurants retailers

Starbucks Founder Howard Schultz Takes the Helm as CEO

by Katie Lee April 4, 2022

Seattle — On April 4, Starbucks Corporation marked the return of founder Howard Schultz as chief executive officer and as a director on the company’s board. The news follows the retirement of Kevin Johnson, former president and CEO, who spent 13 years with the company, including the last 5 years as CEO. In an early morning letter, Schultz shared with all company stakeholders a vision and invitation to join in the reimagination of the company he built, one with a storied history and an enduring mission to inspire and nurture …

April 4, 2022

News people restaurants

Starbucks Details CFO Succession Plan

by Katie Lee January 8, 2021

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, …

January 8, 2021