Starbucks Corp SBUX on Tuesday named company veteran John Culver as its new chief operating officer replacing Roz Brewer, who left the company in January to become CEO of Walgreens Boots Alliance Inc WBA.
What Happened: Culver, who has been with the coffee chain since 2002, also takes up the charge as North American Group President, the company said in a statement. Prior to this, he was leading Starbucks International for the last 15 years.
The Seattle-based coffee chain also promoted Michael Conway as group president of international and channel development. Michelle Burns, a 26-year veteran at the company, has been promoted to executive vice president role for global coffee, tea and cocoa.
The promotions go into effect June 28.
See Also: Starbucks Is Seeing More Demand For Oat Milk Than It Can Meet
Why It Matters: The company has been finding it tough to draw customers for over a year due to the global pandemic which has kept consumers indoors, forcing Starbucks to innovate. In April, Starbucks reported an 11% rise in second-quarter revenue and raised its 2021 revenue forecast to between $28.5 billion and $29.3 billion. It expects adjusted earnings per share between $2.90 and $3.
Price Action: Starbucks shares closed 0.50% lower at $111.89 on Tuesday.
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