Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Finance

Finance

Starbucks CEO Steps Down

CEO of Starbucks Howard Schultz is stepping down and handing the reigns over to current Chief Operating Officer Kevin Johnson. Johnson has been with the company seven years before joining the executive board about two years ago.

Schultz has been with Starbucks for over twenty years and is accredited with bringing the company to new heights. After joining the company as marketing director in 1982, Schultz modified the way Americans drink coffee and opened a door for a social gathering place that gets people out of the house. Schultz later left the company to open Il Giornale, his own coffee shop. That didn’t last long, however, and he came back to buy the Starbucks brand, changing his store’s name to Starbucks and expanding the company to over 25,000 shops globally.

Investors aren’t in favor of Starbucks spending over $100 million on a new project if the economy goes south. Schultz will continue to create a new brand of high-end coffee. Schultz believes that this new high-end brand will be the largest change that Starbucks has received in 20 years.

The inspiration for this new project came from the Starbucks Reserve Roastery and Tasting Room in Seattle. This 15,000 square foot coffee shop uses a siphoning process that produces a 12-ounce cup of coffee for $12. Schultz plans to open at least 30 more large facilities like the Roastery and at least 1000 smaller shops similar to the Roastery. However, Starbucks plan to further expand over 25,000 of its stores to offer similar options that are available in shops like the Roastery.

Although Schultz is stepping down as CEO this April, he will remain on as chairman and says this new change “gives me the entrepreneurial freedom to do what I think I do best.”


Comment Template

You May Also Like

Business

Post Office CEO Faces Scrutiny, Official Announcement. The Post Office has confirmed that its current boss, Nick Read, is under investigation following revelations by...

Economy

On Tuesday, Laxman Narasimhan, the CEO of Starbucks (SBUX.O), stated that those demonstrating against the company because of its position on the Israel-Hamas conflict...

Economy

The Labor Group nominates three candidates for Starbucks board seats. The Strategic Organizing Center (SOC), a confederation of labor unions in North America, announced...

Business

BP (BP.L) CEO Bernard Looney’s untimely retirement has left the British oil corporation in a leadership crisis with no clear successor, business and industry...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok