Latest news with #MikeGrams
Business Times
2 days ago
- Business
- Business Times
Starbucks reshuffles leadership to accelerate turnaround bid
[CHICAGO] Starbucks is reorganising part of its senior ranks, looking to speed up plans to reverse a sales slump. Mike Grams, hired last year as head of North America stores, will become chief operating officer, according to an announcement on Wednesday (Jun 4). His responsibilities will expand to include the department in charge of building and renovating stores, led by Meredith Sandland, and the supply-chain division helmed by Sanjay Shah. The company is also fusing its global brand and global coffee teams to further emphasise coffee as the core of the company's menu, product innovation and marketing. As a result, Michelle Burns, executive vice-president of global coffee and sustainability, will report to Tressie Lieberman, the company's chief brand officer. Starbucks shares were little changed in extended trading on Wednesday. The stock has declined 3.4 per cent so far this year, compared to a 1.5 per cent increase in the S&P 500 Index. Starbucks is enacting the changes to accelerate its turnaround after disappointing results last quarter. Chief executive officer Brian Niccol has said the performance 'is not yet where we want it to be'. 'We are on the right path, but we need to move faster,' Niccol said in the announcement. 'We are making additional organisational changes to help bring teams closer together, strengthen leadership accountability and allow teams to move with even greater clarity and urgency.' In other changes, chief technology officer Deb Hall Lefevre will report to Cathy Smith, the company's new chief financial officer. The move should help the company speed up the deployment of technology that could make service faster, including an algorithm that helps prioritise drink orders. Additionally, chief legal officer Brad Lerman will leave Starbucks and assist with the search for his successor. The company earlier this year cut 1,100 corporate jobs in a bid to remove duplication and speed up decision making. BLOOMBERG
Yahoo
2 days ago
- Business
- Yahoo
Starbucks Reshuffles Leadership to Accelerate Turnaround Bid
(Bloomberg) — Starbucks Corp. is reorganizing part of its senior ranks, looking to speed up plans to reverse a sales slump. ICE Moves to DNA-Test Families Targeted for Deportation with New Contract The Global Struggle to Build Safer Cars At London's New Design Museum, Visitors Get Hands-On Access NYC Residents Want Safer Streets, Cheaper Housing, Survey Says The Buffalo Architect Fighting for Women in Design Mike Grams, hired last year as head of North America stores, will become chief operating officer, according to an announcement Wednesday. His responsibilities will expand to include the department in charge of building and renovating stores, led by Meredith Sandland, and the supply-chain division helmed by Sanjay Shah. The company is also fusing its global brand and global coffee teams to further emphasize coffee as the core of the company's menu, product innovation and marketing. As a result, Michelle Burns, executive vice president of global coffee and sustainability, will report to Tressie Lieberman, the company's chief brand officer. Starbucks shares were little changed in extended trading on Wednesday. The stock has declined 3.4% so far this year, compared to a 1.5% increase in the S&P 500 Index. Starbucks is enacting the changes to accelerate its turnaround after disappointing results last quarter. Chief Executive Officer Brian Niccol has said performance 'isn't yet where we want it to be.' 'We're on the right path, but we need to move faster,' Niccol said in the announcement. 'We're making additional organizational changes to help bring teams closer together, strengthen leadership accountability and allow teams to move with even greater clarity and urgency.' In other changes, Chief Technology Officer Deb Hall Lefevre will report to Cathy Smith, the company's new chief financial officer. The move should help the company speed up the deployment of technology that could make service faster, including an algorithm that helps prioritize drink orders. Additionally, Chief Legal Officer Brad Lerman will leave Starbucks and assist with the search for his successor. The company earlier this year cut 1,100 corporate jobs in a bid to remove duplication and speed up decision making. (Adds shares and details in sixth paragraph and eighth paragraphs.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
