Starbucks (SBUX.US) shakes up top management, new CEO pushes reforms and stock jumps 26%
1min read The departure of Starbucks Corp. (SBUX.US) North America chief marketing officer, Kendra Russell, marks another shake-up at the top of the company under new CEO Brian Nicholson. Russell, who has worked at Starbucks for nearly eight years, was confirmed to be leaving the company, where she took on a new role earlier this year. Nicholson, who took over in September, has restructured the top ranks of the company, including removing a layer of management between him and North America president Sara Trilling, who will now report directly to Nicholson.
Under Nicholson, Starbucks also hired Tracy Lee, a former Chipotle Mexican Grill Inc. executive, as its chief brand officer, who will oversee marketing, product development, digital, creative and analytics. Lee worked with Nicholson at Chipotle Mexican Grill Inc., where he was CEO, and Nicholson also ran Taco Bell for Yum! Brands Inc.
Additionally, Nicholson appointed Julie Liu as the sole leader of the China business, part of a planned leadership transition. Liu was appointed as co-CEO last year, working alongside Rebecca Ho, who has been in charge of the China business since 2011, and will continue to serve as chairman, leading innovation and development strategies.
Nicholson, who took over on September 9, has more power as CEO and chairman of the board than his predecessor. His appointment also brought high expectations from investors, with Starbucks' shares up 26% since he was announced as CEO, compared with 6.8% for the S&P 500 in the same period. Nicholson's leadership and strategic shift is aimed at driving Starbucks' growth and innovation globally.
