Starbucks stirs its cup


Starbucks stirs its cup
Coffee chain Starbucks has turned to the founder of its success to revive its flagging fortunes.

Howard Schultz, who first joined the Seattle company 25 years ago, has taken on the chief executive role in addition to his capacity as chairman.

It means Jim Donald, who arrived at the chain in 2002, pays the price for declining share prices and leaves the firm.

Starbucks says the changes are aimed at "driving shareholder value by refocusing the Company on providing customers with the distinctive Starbucks experience and building on Starbucks' legacy of innovation".

Shares in the company, which has stores in 43 countries, have almost halved in price since this time last year but rose by close to nine per cent following the management shakeup announcement.

Mr Schultz, who was tasked with ensuring the company's global expansion as chairman, will now take on responsibility for "the overall strategic direction of the company, with a predominant focus on everything that touches the customer".

In a letter to customers, Mr Schultz pledged a return to the "distinctive Starbucks experience" and an upturn in the chain's fortunes.

"We have enormous opportunity and exciting plans in place to make the Starbucks experience as good as it has ever been and even better," he wrote.

"In the coming months, you will see this come to life in the way our stores look, in the way our people serve you, in the new beverages and products we will offer. That is my promise to you. Everyone at Starbucks looks forward to sharing these initiatives with you."

Craig Weatherup, chairman of the Starbucks board's nominating and corporate governance committee, called the new chief the "architect of the Starbucks brand and the visionary behind the unique customer experience that is at the heart of this remarkable company’s success".

"Given what the board believes needs to be done, there is no better person to drive change and ensure that Starbucks is positioned to innovate, execute and relentlessly focus the entire organisation on the customer," he added.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
HR / Recruitment
Health / Beauty
Hotel / Catering / Restaurants
IT / Internet
Insurance / Pensions
International / Overseas
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Transport / Logistics
Travel / Tourism / Leisure