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Starbucks Announces Management Changes
Shares of Starbucks were down or 50 cents, to $19.81 in late Friday trade on the Nasdaq.

Gourmet coffee seller Starbucks has announced a series of management changes, following last week's return of founder and chairman Howard Schultz as chief executive.

Former Starbucks executive Harry Roberts will return to the company as senior vice-president and chief creative officer.

Additionally, Terry Davenport will be promoted to senior vice-president of marketing; Michelle Gass will assume the role of senior vice president of global strategy in the office of the CEO; and Chet Kuchinad has been promoted to executive vice-president of partner resources.

The company also said Chris Bruzzo has been named to the newly created position of chief technology officer and will also serve as acting chief information officer.

Starbucks said chief operating officer Martin Coles, chief financial officer Pete Bocian and Paula Boggs, executive vice-president of law and corporate affairs, will continue in their roles.

Jim Alling will remain in his new role as president of the company's international unit, and Launi Skinner is still president of Starbucks Coffee US, spokes-man Brandon Borrman said.

Shares of Starbucks were down or 50 cents, to $19.81 in late Friday trade on the Nasdaq. The company, like other restaurants in its sector, has been hit by recession and consumer spending worries.

Schultz, who was Starbucks chief executive from 1987 to 2000, replaced CEO Jim Donald last week as the company moves to slow an aggressive US expansion, close underperforming US outlets and speed up international growth.

Investors have nearly halved the value of the coffee chain to $13 billion in the last year.(Agencies)




 

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