Kevin Johnson to become chief executive officer
and assume full responsibility for Starbucks global
business and operations; Howard Schultz to become
executive chairman and focus on retail innovation
and accelerating growth of Starbucks ultra-premium retail
formats
Starbucks Corporation (NASDAQ: SBUX) today announced that Kevin
Johnson, president and chief operating officer and a 7-year member
of the Starbucks Board of Directors, will expand his
responsibilities and assume the role and responsibilities of
president and chief executive officer, effective April 3, 2017.
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Kevin Johnson, president and coo of
Starbucks, will expand role to ceo effective April 3, 2017. Howard
Schultz, chairman and ceo, will be appointed executive chairman.
(Photo: Business Wire)
Also effective April 3, 2017, Howard Schultz, chairman and ceo,
will be appointed executive chairman and will shift his focus to
innovation, design and development of Starbucks Reserve® Roasteries
around the world, expansion of the Starbucks Reserve® retail store
format and the company’s social impact initiatives. In this new
role Schultz will continue to serve as chairman of the Board.
“Starbucks consistently outperforms the retail industry because
our stores, our offerings and the experiences our partners create
make us a destination. The best evidence of the success of the core
strategy driving our business is that we continue to deliver
quarter after quarter of record, industry leading revenue, comp
sales and profit growth, and that the newest classes of Starbucks
stores continue to deliver record-breaking revenues, AUV’s and ROI
— both in the U.S. and around the world,” said Schultz. “As I focus
on Starbucks next wave of retail innovation, I am delighted that
Kevin Johnson — our current president, coo, a seven-year board
member and my partner in running every facet of Starbucks business
over the last two years — has agreed to assume the duties of
Starbucks chief executive officer. This move ideally positions
Starbucks to continue profitably growing our core business around
the world into the future.”
As president and chief operating officer since March 2015,
Johnson has led the company’s global operating businesses across
all geographies as well as the core support functions of Starbucks
supply chain, marketing, human resources, technology, and mobile
and digital platforms. Johnson has been a Starbucks board member
since 2009, and will continue to serve as a member of the Starbucks
board of directors.
"Over the past two decades, I have grown to know Starbucks first
as a customer, then as a director on the board, and for the past
two years as a member of the management team. Through that journey,
I fell in love with Starbucks and I share Howard’s commitment to
our mission and values and his optimism for the future," said
Johnson. “It is an honor for me to serve the more than 300,000
partners who proudly wear the green apron and I consider it a
privilege to work side-by-side with Howard, our world-class board
of directors, and a very talented leadership team. Together, we
will reaffirm our leadership in all things coffee, enhance the
partner experience and exceed the expectations of our customers and
shareholders. We believe in using our scale for good and having
positive social impact in the communities we serve around the
world.”
Johnson's career spans 33 years in the technology industry which
included a 16-year career at Microsoft and a five-year tour as CEO
of Juniper Networks. At Microsoft, he led worldwide sales and
marketing and became the president of the Platforms Division. In
2008, he was appointed to the National Security Telecommunication
Advisory Committee where he served Presidents George W. Bush and
Barack Obama. He joined the Starbucks board in 2009 and the
management team in 2015.
Conference Call Details
Starbucks will hold a conference call hosted by Howard Schultz
and Kevin Johnson today, December 1, at 1:30 p.m. Pacific Time/4:30
p.m. Eastern Time. The conference call will be webcast and can be
accessed on the company’s website: http://investor.starbucks.com. A
replay of the webcast will be available on the company’s website
until end of day on Tuesday, January 3, 2017.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 25,000 stores around the globe, the company is the
premier roaster and retailer of specialty coffee in the world.
Through our unwavering commitment to excellence and our guiding
principles, we bring the unique Starbucks Experience to life for
every customer through every cup. To share in the experience,
please visit us in our stores or online at
www.starbucks.com and www.news.starbucks.com.
Forward Looking
Statements
Certain statements contained herein are “forward-looking
statements” within the meaning of the applicable securities laws
and regulations. Generally, these statements can be identified by
the use of words such as “anticipate,” “expect,” “believe,”
“could,” “estimate,” “feel,” “forecast,” “intend,” “may,” “plan,”
“potential,” “project,” “should,” “will,” “would,” and similar
expressions intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These statements are based upon information
available to Starbucks as of the date hereof, and Starbucks actual
results or performance could different materially from those stated
or implied due to risks and uncertainties associated with its
business. These risks and uncertainties include, but are not
limited to, fluctuations in U.S. and international economies and
currencies, our ability to preserve, grow and leverage our brands,
potential negative effects of incidents involving food or
beverage-borne illnesses, tampering, contamination or mislabeling,
potential negative effects of material breaches of our information
technology systems to the extent we experience a material breach,
material failures of our information technology systems, costs
associated with, and the successful execution of, the company’s
initiatives and plans, the acceptance of the company’s products by
our customers, the impact of competition, coffee, dairy and other
raw materials prices and availability, the effect of legal
proceedings, and other risks detailed in the company filings with
the Securities and Exchange Commission, including the “Risk
Factors” section of the Starbucks Annual Report on Form 10-K for
the fiscal year ended October 2, 2016. The company assumes no
obligation to update any of these forward-looking statements.
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