Bulletin
Investor Alert

Aug. 18, 2022, 5:47 p.m. EDT

Starbucks eliminating chief operating officer role after current COO Culver leaves

Starbucks Corp. (NAS:SBUX) founder and interim Chief Executive Howard Schultz said late Thursday that the retailer is eliminating the position of Chief Operating Officer, with COO John Culver departing on Oct. 3 and serving as adviser through the end of the year after two decades with the company. "Our reinvention requires us to rethink our leadership structure to create every opportunity for our new CEO and, most importantly, to accelerate delivery of modernized and elevated experiences" for employees and customers, said Schultz, who returned as CEO this year. Starbucks in June said it was on track with its CEO search and that Schultz was agreeing to remain as interim CEO through early 2023. Shares of Starbucks fell 0.2% in the extended session Thursday after ending the regular trading day up 0.2%.

Link to MarketWatch's Slice.