Starbucks Board of Directors Affirms CEO Transition Details
06 Juni 2022 - 12:00PM
Business Wire
Board reiterates plans of driving toward naming
new leader in Fall
Howard Schultz remaining as interim ceo through
calendar Q1 2023 to ensure smooth transition
Starbucks Corporation (NASDAQ: SBUX) Board of Directors today
provided an update to affirm the search details for the Company’s
next chief executive officer. As stated during the Company’s
quarterly earnings call last month, the Board’s search continues to
be on track to identify a successor ceo in the coming months, and
the Board has agreed with 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 partners (employees) of all levels of the company,
working directly with the leadership team to shape a strategic plan
for the future of a reimagined Starbucks Coffee Company. The
reinvention plan is being designed through co-creation across the
organization with a focus on exceeding the expectations of both
partners and customers.
As the next chief executive is named to the position, he or she
will undergo full immersion into the Company, collaborating with
Schultz directly. Driving toward an announcement this Fall, the
official handoff will take place in the first calendar quarter of
2023. Thereafter, Schultz will remain on the Starbucks Board.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 34,000 stores worldwide, 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 stories.starbucks.com or
www.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 “aim,” “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,”
“outlook,” “plan,” “potential,” “project,” “seek,” “should,”
“will,” “would,” and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These statements
include statements relating to trends in or expectations relating
to the effects of our existing and any future initiatives,
strategies, investments and plans, as well as trends in or
expectations regarding our financial results and long-term growth
model and drivers; our operations in the U.S. and China; our
environmental, social and governance efforts; our partners;
economic and consumer trends, including the impact of inflationary
pressures; the conversion of several market operations to fully
licensed models; our plans for streamlining our operations,
including store openings, closures and changes in store formats and
models; expanding our licensing to Nestlé of our consumer packaged
goods and Foodservice businesses and its effects on our Channel
Development segment results; tax rates; business opportunities and
expansion; strategic acquisitions; our dividends programs;
commodity costs and our mitigation strategy; our liquidity, cash
flow from operations, investments, borrowing capacity and use of
proceeds; continuing compliance with our covenants under our credit
facilities and commercial paper program; repatriation of cash to
the U.S.; the likelihood of the issuance of additional debt and the
applicable interest rate; the continuing impact of the COVID-19
pandemic on our financial results and future availability of
governmental subsidies for COVID-19 or other public health events;
our ceo transition; our share repurchase program; our use of cash
and cash requirements; the expected effects of new accounting
pronouncements and the estimated impact of changes in U.S. tax law,
including on tax rates, investments funded by these changes and
potential outcomes; and effects of legal proceedings. Such
statements are based on currently available operating, financial
and competitive information and are subject to various risks and
uncertainties. Actual future results and trends may differ
materially depending on a variety of factors, including, but not
limited to: further spread of COVID-19 and related disruptions to
our business; regulatory measures or voluntary actions that may be
put in place to limit the spread of COVID-19, including
restrictions on business operations or social distancing
requirements, and the duration and efficacy of such restrictions;
the resurgence of COVID-19 infections and the circulation of novel
variants of COVID-19; fluctuations in U.S. and international
economies and currencies; our ability to preserve, grow and
leverage our brands; the ability of our business partners and
third-party providers to fulfill their responsibilities and
commitments; potential negative effects of incidents involving food
or beverage-borne illnesses, tampering, adulteration, 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; new initiatives and plans or
revisions to existing initiatives or plans; our ability to obtain
financing on acceptable terms; the acceptance of the Company’s
products by our customers, evolving consumer preferences and tastes
and changes in consumer spending behavior; partner investments,
changes in the availability and cost of labor including any union
organizing efforts and our responses to such efforts; failure to
attract or retain key executive or employee talent; significant
increased logistics costs; inflationary pressures; the impact of
competition; inherent risks of operating a global business
including any potential negative effects stemming from the Russian
invasion of Ukraine; the prices and availability of coffee, dairy
and other raw materials; the effect of legal proceedings; the
effects of changes in tax laws and related guidance and regulations
that may be implemented and other risks detailed in the Company’s
filings with the Securities and Exchange Commission, including in
the “Risk Factors” and “Management's Discussion and Analysis of
Financial Condition and Results of Operations” sections of the
Company's most recently filed periodic reports on Form 10-K and
Form 10-Q and subsequent filings. The company assumes no obligation
to update any of these forward-looking statements.
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Media Contact: Jaime Riley 206-318-7100
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