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. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161201006372/en/
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."