Starbucks Corp. Chief Executive Howard Schultz is passing off day-to-day duties at the world’s largest coffee chain to his chief financial officer.
Schultz will focus on blending the company’s bricks-and-mortar, e-commerce, digital, card and mobile businesses – what he called “next generation retailing” in a statement Wednesday.
He will also direct his energy toward advancing the Seattle business’ loyalty program and beverage innovation.
As he tries to pin down the company’s broad-strokes strategy, CFO Troy Alstead will take over the daily grind. Alstead, who has been with Starbucks for 22 years, will be promoted to the newly created position of chief operating officer Monday.
Starbucks, which has more than 20,000 stores in 63 countries, said last week that its first-quarter revenue soared 12% to reach a record $4.2 billion. Profit swelled 25% to a new high of 71 cents a share, or $540.7 million.
Starbucks shares fell $2.33, or 3.2%, to $71.56 on Wednesday but were up 14 cents, or 0.2%, to $71.70 in after-hours trading in New York.