Brian Niccol will join Starbucks on September 9, 2024. Mellody Hobson will be lead independent director. Laxman Narasimhan is stepping down as ceo and as a director effective immediately. Rachel Ruggeri will serve as interim ceo.

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SEATTLE – Starbucks (NASDAQ: SBUX) today announced that Brian Niccol has been appointed chairman and chief executive officer. Niccol will start in his new role on September 9, 2024. Starbucks chief financial officer, Rachel Ruggeri, will serve as interim ceo until that time. Mellody Hobson, Starbucks board chair, will become lead independent director.

Niccol currently serves as Chairman and CEO of Chipotle. Since becoming CEO in 2018, Niccol has transformed Chipotle. His focus on people and culture, brand, menu innovation, operational excellence, and digital transformation have set new standards in the industry and driven significant growth and value creation. Revenue has nearly doubled, profits have increased nearly sevenfold, and the stock price has increased by nearly 800% during his leadership, all while increasing wages for retail team members, expanding benefits, and strengthening the culture.&nbsp;

“We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself. Brian is a culture carrier who brings a wealth of experience and a proven track record of driving innovation and growth. Like all of us at Starbucks, he understands that a remarkable customer experience is rooted in an exceptional partner experience,” said Hobson. “Our board believes he will be a transformative leader for our company, our people, and everyone we serve around the world.”&nbsp;

“I am excited to join Starbucks and grateful for the opportunity to help steward this incredible company, alongside hundreds of thousands of devoted partners,” said Niccol. “I have long-admired Starbucks iconic brand, unique culture and commitment to enhancing human connections around the globe. As I embark upon this journey, I am energized by the tremendous potential to drive growth and further enhance the Starbucks experience for our customers and partners, while staying true to our mission and values.”&nbsp;

Laxman Narasimhan is stepping down from his role as ceo and as a member of the Starbucks board with immediate effect. During his tenure, he improved the Starbucks partner experience, drove significant innovation in our supply chain, and enhanced our store operations.&nbsp;

“On behalf of the board, I want to sincerely thank Laxman for his contributions to Starbucks, and his dedication to our people and brand,” said Hobson. “In the face of some challenging headwinds, Laxman has been laser focused on improving the business to meet the needs of our customers and partners. We all wish him the very best and know he will do great things in the future.”&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Niccol joined Chipotle as Chief Executive Officer and a director in March 2018, and became Chairman of the Board in March 2020. Before joining Chipotle, he served as Chief Executive of Taco Bell. Before becoming CEO he held roles including Chief Marketing and Innovation Officer, and President.&nbsp; He also served in leadership roles at Pizza Hut, another division of Yum! Brands. He began his career in brand management at Procter and Gamble.&nbsp;&nbsp;

Niccol currently serves on the board of directors of Walmart Inc. He previously served on the board of KB Home and Harley-Davidson. Niccol holds an undergraduate degree from Miami University and an MBA from the University of Chicago Booth School of Business.&nbsp;

“Having followed Brian’s leadership and transformation journey at Chipotle, I’ve long admired his leadership impact. His retail excellence and track record in delivering extraordinary shareholder value recognizes the critical human element it takes to lead a culture and values driven enterprise. I believe he is the leader Starbucks needs at a pivotal moment in its history. He has my respect and full support,” said Howard Schultz, Starbucks founder and chairman emeritus. “I thank Mellody and the Starbucks board for their deep commitment to shaping the future of this remarkable global phenomenon that is Starbucks.” &nbsp;

Ruggeri is a 23-year Starbucks partner. She has been cfo since 2021.&nbsp;&nbsp;

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Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 39,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at stories.starbucks.com or <a href="http://www.starbucks.com/" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>.&nbsp;

Brian Niccol will join Starbucks on September 9, 2024. Mellody Hobson will be lead independent director.

Starbucks names Brian Niccol as Chairman and Chief Executive Officer

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Stories to inspire and nurture the human spirit

Starbucks Stories

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Starbucks Corporation

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SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal third quarter ended June 30, 2024. GAAP results in fiscal 2024 and fiscal 2023 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. &nbsp;

For the full press release, please visit our Investor Relations site <a href="https://investor.starbucks.com/news/financial-releases/news-details/2024/Starbucks-Reports-Q3-Fiscal-2024-Results/default.aspx">here</a>.

Starbucks actions remain driven by our three-part plan, outlined last quarter, to build on our enduring strengths and reaccelerate growth in our U.S. business:&nbsp;&nbsp;

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“Our three-part action plan is beginning to work and driving operational improvements that we expect to improve financial performance,” commented Laxman Narasimhan, chief executive officer. “Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth,” Narasimhan added. &nbsp;

“Our efficiency efforts, which are tracking ahead of expectations, partially offset investments associated with the cautious consumer environment,” commented Rachel Ruggeri, chief financial officer. “Collectively, our disciplined approach enables us to preserve both balance sheet strength and flexibility, positioning us to successfully navigate through the current macroeconomic environment,” Ruggeri added. &nbsp;

Among other signs of progress against this action plan, this past quarter Starbucks successfully introduced Phase 1 of the <a href="https://stories.starbucks.com/stories/2024/siren-craft-system-elevating-the-starbucks-experience-for-our-partners-and-customers/" target="_blank" rel="noreferrer noopener">Siren Craft System</a> – a partner-driven evolution to improve how we operate our stores – across North America, saw positive feedback from our newly reformulated Iced Coffee, unveiled our <a href="https://stories.starbucks.com/stories/2024/starbucks-milano-duetto-an-innovative-ode-to-coffee-arts-and-culture/" target="_blank" rel="noreferrer noopener">Milano Duetto</a> whole bean coffee in Milan, and launched innovative products like <a href="https://stories.starbucks.com/press/2024/starbucks-launches-new-handcrafted-iced-energy-beverages/" target="_blank" rel="noreferrer noopener">Handcrafted Iced Energy</a> and <a href="https://stories.starbucks.com/stories/2024/how-starbucks-made-a-splash-with-its-new-and-blue-summer-drink-with-popping-pearls/" target="_blank" rel="noreferrer noopener">Summer-Berry Refreshers with Pearls</a> – which drove the highest week one product launch in our history. Finally, we have been measured in our offers to balance the premium position of our brand with remaining accessible to fans and loyal customers.&nbsp;

“Our growing culture of focused innovation and relentless execution continues to enhance our capabilities, while helping return the business to sustainable growth,” said Laxman Narasimhan, Starbucks ceo.

Starbucks Reports Q3 Fiscal 2024 Results 

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By enrolling in both programs and linking accounts, members can earn Marriott Bonvoy points and Starbucks Stars and be on their way toward free stays and coffee as well as access to curated travel experiences&nbsp;

BETHESDA, MD and SEATTLE– Today, <a href="https://www.marriott.com/loyalty.mi?nst=paid&amp;cid=PAI_GLB0004EMN_GLE000BIM2_GLF000OET5&amp;ppc=ppc&amp;pId=nancppc&amp;gad_source=1&amp;gclid=CjwKCAjw65-zBhBkEiwAjrqRMLgzDSayE7R9zbZ_gA5s7UHI8Jgg61qB4_z8p5gAzCZlxR5Nm5WbxhoCGyMQAvD_BwE&amp;gclsrc=aw.ds" target="_blank" rel="noreferrer noopener">Marriott Bonvoy</a>, Marriott International’s award-winning travel program and marketplace, and <a href="https://www.starbucks.com/" target="_blank" rel="noreferrer noopener">Starbucks</a> announced a new collaboration offering distinctive benefits to loyalty members. Marriott Bonvoy members and Starbucks Rewards U.S. members who link loyalty accounts will have the opportunity to earn more Stars toward free beverages, food and more at Starbucks 1, and Marriott Bonvoy points that can be redeemed at Marriott Bonvoy’s more than 30 brands and 10,000 global destinations as well as for Marriott Bonvoy Moments experiences.&nbsp;&nbsp;

Starting today, June 18, eligible members enrolled in both programs can easily link their accounts by visiting <a href="https://www.starbucks.com/rewards/partnerships/marriottbonvoy">Starbucks.com/MarriottBonvoy</a>. Once linked, Starbucks Rewards and Marriott Bonvoy members can begin to earn these new benefits from both programs:

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“I love my regular morning cup of Starbucks coffee, and find I enjoy it even more when traveling. So, Marriott Bonvoy’s collaboration with Starbucks makes perfect sense,” said David Flueck, Global Head of Loyalty, Cards &amp; Enterprise Partnerships, Marriott International. “We will truly satisfy our members’ passions for coffee and travel with the opportunity to earn more points and Stars while traveling and at home, and later this year by bringing those passions together when we introduce exclusive coffee- and travel-themed experiences on Marriott Bonvoy Moments.”&nbsp;

“Marriott Bonvoy’s commitment to enriching moments for their customers aligns with Starbucks customer promise to uplift the everyday, making them the perfect loyalty partner,” said Kyndra Russell, senior vice president, North America chief marketing officer, Starbucks. “We’re continuing to develop our Starbucks Rewards program, and through this new collaboration, we are excited to offer members even more value and enhanced benefits through travel experiences.”&nbsp;&nbsp;

To celebrate the new loyalty collaboration, Marriott Bonvoy will launch a sweepstakes exclusively available to Starbucks Rewards and Marriott Bonvoy members with linked accounts. The sweepstakes will offer linked members an opportunity to enter to win a range of prizes, including a Grand Prize trip to visit each of the Starbucks Reserve Roasteries in Seattle, Milan and Tokyo with a stay in a participating hotel and round-trip air transportation fare included. Additional prizes include a visit to one of the Starbucks Reserve Roasteries in either Seattle, Milan or Tokyo including a hotel stay and round-trip air transportation, as well as 500 chances to win hundreds of Bonus Stars from Starbucks. Eligible customers in the U.S. can enter the sweepstakes between June 18 and July 7 and find the official rules <a href="https://www.joinmarriottbonvoy.com/StarbucksRewardsSweeps/" target="_blank" rel="noreferrer noopener">here</a>. 2&nbsp;&nbsp;&nbsp;&nbsp;

Starbucks Reserve locations in Seattle, Chicago and New York are also introducing the <a href="https://www.starbucksreserve.com/menus" target="_blank" rel="noreferrer noopener">Starbucks Reserve Siciliano for Marriott Bonvoy</a>&nbsp;to celebrate the launch. The cocktail, inspired by the brands’ mutual love for travel, coffee and connection, blends Starbucks Reserve Cold Brew with traditional Italian spirits, including Amaro Averna and Carpano Antica Formula Sweet Vermouth, finished with Scrappy's Orange Bitters, sparkling water and an orange swath. For a limited time, Starbucks Rewards and Marriott Bonvoy members with linked accounts can enjoy this exclusive global-inspired cocktail at U.S. Starbucks Reserve® Roasteries and the Starbucks Reserve Store at Empire State Building®.&nbsp;&nbsp;

Note on forward-looking statements&nbsp;

All statements in this press release are made as of June 18, 2024. Neither Marriott International nor Starbucks Corporation (“we” and “our”) undertakes any obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release contains "forward-looking statements" within the meaning of federal securities laws, including statements related to expected arrangements between Marriott International and Starbucks Corporation; additional expected benefits and experiences for members; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we identify in our Securities and Exchange Commission filings, including our most recent Annual Reports on Form 10-K or Quarterly Reports on Form 10-Q and subsequent filings. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.&nbsp;

About Starbucks Rewards&nbsp;

Since 2009, the industry-leading Starbucks Rewards program continues to grow in popularity and offers members rewards, personalized offers, games, exclusive deals, and the ability to order ahead and pay using the Starbucks app. In Q2 FY24 (January - March 2024) in the U.S., Starbucks Rewards membership grew 6% over the prior year, to nearly 33 million 90-day active membership.&nbsp;&nbsp;&nbsp;

About Starbucks&nbsp;&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 39,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at <a href="http://stories.starbucks.com/" target="_blank" rel="noreferrer noopener">stories.starbucks.com</a> or <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.starbucks.com&amp;esheet=52893564&amp;newsitemid=20220913006189&amp;lan=en-US&amp;anchor=www.starbucks.com&amp;index=2&amp;md5=daf92d0588522c167b4c82f88bd36602" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>.&nbsp;&nbsp;

About Marriott Bonvoy®&nbsp;&nbsp;

Marriott Bonvoy, Marriott International’s award-winning travel program and marketplace, gives its more than 200 million members access to transformative, eye-opening experiences around the corner and across the globe. Marriott Bonvoy’s portfolio of more than 30 extraordinary hotel brands offers renowned hospitality in the most memorable destinations in the world. Members can earn points for stays at hotels and resorts, including all-inclusive resorts and premium home rentals, as well as through everyday purchases with co-branded credit cards. Members can redeem their points for experiences including future stays, Marriott Bonvoy Moments™, or through partners for luxurious products from Marriott Bonvoy Boutiques®. With the Marriott Bonvoy app, members enjoy a level of personalization and contactless experience that allows them to travel with peace of mind. To enroll for free or for more information about Marriott Bonvoy, visit <a href="https://www.marriott.com/loyalty.mi" target="_blank" rel="noreferrer noopener">marriottbonvoy.com</a>. To download the Marriott Bonvoy app, go <a href="http://mobile-app.marriott.com/" target="_blank" rel="noreferrer noopener">here</a>. Travelers can also connect with Marriott Bonvoy on <a href="http://www.facebook.com/marriottbonvoy" target="_blank" rel="noreferrer noopener">Facebook</a>, <a href="http://www.twitter.com/marriottbonvoy" target="_blank" rel="noreferrer noopener">X</a>, <a href="http://www.instagram.com/marriottbonvoy" target="_blank" rel="noreferrer noopener">Instagram</a> and <a href="https://www.tiktok.com/@marriottbonvoy" target="_blank" rel="noreferrer noopener">TikTok</a>.&nbsp;

About Marriott International&nbsp;

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,900 properties across more than 30 leading brands in 141 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy®, its highly awarded travel program.&nbsp; For more information, please visit our website at <a href="https://www.marriott.com/default.mi" target="_blank" rel="noreferrer noopener">www.marriott.com</a>, and for the latest company news, visit <a href="https://news.marriott.com/" target="_blank" rel="noreferrer noopener">www.marriottnewscenter.com</a>.&nbsp; In addition, connect with us on <a href="https://www.facebook.com/marriottinternational/" target="_blank" rel="noreferrer noopener">Facebook</a> and @MarriottIntl on <a href="https://twitter.com/MarriottIntl" target="_blank" rel="noreferrer noopener">X</a> and <a href="https://www.instagram.com/accounts/login/?next=https%3A%2F%2Fwww.instagram.com%2Fmarriottintl%2F" target="_blank" rel="noreferrer noopener">Instagram</a>.&nbsp;

1 Restrictions apply.&nbsp;At participating stores. For more details and to view the full program terms and conditions, please see Starbucks.com/MarriottBonvoy. See Starbucks.com/terms for Starbucks Rewards loyalty program details.&nbsp;See <a href="https://www.marriott.com/loyalty/terms/default.mi" target="_blank" rel="noreferrer noopener">https://www.marriott.com/loyalty/terms/default.mi</a> for Marriott Bonvoy loyalty program terms and conditions.&nbsp;

2No purchase necessary. Open to legal residents of 50 U.S. states/D.C., at least 18+, who are Marriott Bonvoy members AND Starbucks Rewards members, with the two accounts linked. Begins 8:00 AM ET on June 18, 2024; ends 11:59 PM ET on July 7, 2024. Starbucks is not responsible for the administration of this Sweepstakes.&nbsp;

By enrolling in both programs and linking accounts, members can earn Marriott Bonvoy points and Starbucks Stars and be on their way toward free stays and coffee.

New Starbucks Rewards and Marriott Bonvoy Relationship Unlocks Exclusive Benefits

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New Starbucks Rewards and Marriott Bonvoy Collaboration Unlocks Exclusive Benefits for Loyalty Members to Fulfill Their Passions for Travel and Coffee 

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As a long-time supporter of the arts, Starbucks believes in the power of creativity and storytelling to foster human connection and joy. As part of Starbucks ongoing appreciation and support of the arts, the company today announced Starbucks Studios, a new initiative that will produce original entertainment and tell stories that deepen connections and spark conversations.

“Starbucks Studios advances our mission to nurture the limitless possibilities of human connection,” said Christy Cain, vice president, brand and partnerships marketing. “We’re honored to have the opportunity to shine a light on the stories and people who inspire us, from young, emerging artists to innovators, changemakers and others who are making a positive impact on the world.” Starbucks is teaming up with Sugar23, a multimedia production and talent management organization with a goal to move culture through entertainment. Together, Starbucks Studios and Sugar23 will amplify stories with the power to bring people together and spark moments of delight.

"Storytelling is deeply ingrained in what Starbucks does, and Starbucks Studios is a natural extension of these efforts. Together, we will harness the power of storytelling to foster connections, inspire change, and build a stronger sense of community,” said Michael Sugar, founder and CEO of Sugar23. “We’re excited to work alongside the incredible Starbucks team and invite all our collaborators in Hollywood and beyond to join us in creating premium entertainment."

Starbucks History of Supporting Original Films and Series

Starbucks has a history of supporting original works that reflect its values. Past projects include two seasons of Upstanders – with the first debuting in 2016, followed by season 2 in 2017 – a series that highlights real people making a difference in their communities. In 2019, Hingakawa was released, telling the story of two women who found common ground through their shared livelihood of coffee and made the choice to rise above and choose forgiveness. Starbucks was also a producer of 2019’s This is Football, a six-part documentary that explores the emotions, stories, passions and triumphs at the heart of the world’s most loved sport.

As a long-time supporter of the arts, Starbucks believes in the power of creativity and storytelling to foster human connection and joy.

Announcing Starbucks Studios

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Starbucks orders will be available via Grubhub in select markets beginning in June, with national availability by August 2024

SEATTLE &amp; CHICAGO – Today, <a href="https://www.starbucks.com/" target="_blank" rel="noreferrer noopener">Starbucks</a>® and<a href="https://www.grubhub.com/" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.grubhub.com/" target="_blank" rel="noreferrer noopener">Grubhub</a> announced a partnership to bring Grubhub delivery to Starbucks customers in the U.S. Starbucks is the most searched merchant not yet available on Grubhub’s Marketplace, and through this partnership, both brands will provide customers with the ultimate convenience of having their Starbucks orders delivered right to their door. Beginning in June, Starbucks Delivery with Grubhub will roll out to select markets in Pennsylvania, Colorado and Illinois, with national availability anticipated in all 50 states across the U.S. by August 2024.&nbsp;

“Customer demand to get Starbucks delivered continues to increase, as evidenced by double-digit growth in the U.S. delivery business this past quarter, indicating that our customers continue to want convenience in their everyday lives,” said Meg Mathes, vice president of digital experiences at Starbucks. “Our new partnership with Grubhub will help fuel this growth by increasing availability of Starbucks products to Grubhub’s tens of millions of customers, via a leading delivery provider.”&nbsp;

“By joining forces with a beloved national brand like Starbucks, we’re offering customers more of what they want on Grubhub while strengthening our enterprise offering and growing our merchant supply in markets nationwide,” said Liz Bosone, VP of enterprise partnerships at Grubhub. ”We’re proud to offer national and independent restaurants on our platform — a complementary duo — to give customers more choices and build loyalty.”&nbsp;

Increased Convenience for Customers&nbsp;

Starbucks Delivery will be accessible through the Grubhub mobile app, available on iOS and Android devices, in addition to Grubhub.com. Starbucks and Grubhub have partnered to ensure delivery is as quick as possible so customers can enjoy their Starbucks beverages and food promptly. Customers can track their orders through Grubhub from preparation to drop off.&nbsp;

To ensure quality and assist with delivery, Starbucks developed multiple packaging solutions, including two-cup to-go trays and improved shopper bags, that are used for delivery orders and enable delivery drivers to easily transport multiple beverages at a time.&nbsp;

Customers can order most of the Starbucks menu, including seasonal beverages and food through Grubhub. Additionally, customers can customize their orders just as they would at Starbucks within the Grubhub app, including the ability to choose the amount of espresso shots, flavor, the type of milk and espresso roasts.&nbsp;

Delivering Customer Experience&nbsp;

<a href="https://www.grubhub.com/plus" target="_blank" rel="noreferrer noopener">Grubhub+</a>, Grubhub’s $9.99 monthly membership program, provides customers ordering from Starbucks on Grubhub with $0 delivery fees on eligible orders, lower service fees, and exclusive offers. Standard delivery and service fees apply for all other customers.&nbsp;

Over the past decade, Starbucks has continued to innovate the retail experience to connect with customers digitally. Whether through Starbucks Rewards, the Starbucks app or Starbucks Delivery, Starbucks continues to adapt to evolving customer preferences with the belief that the Starbucks experience should be effortless and delightful. Delivering an uplifting, connected, and personalized experience to their customers continues to be a strategic and relevant differentiation that Starbucks offers.&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with over 38,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at<a href="https://stories.starbucks.com/" target="_blank" rel="noreferrer noopener"> </a><a href="https://stories.starbucks.com/" target="_blank" rel="noreferrer noopener">stories.starbucks.com</a> or<a href="http://starbucks.com/" target="_blank" rel="noreferrer noopener"> </a><a href="http://starbucks.com/" target="_blank" rel="noreferrer noopener">starbucks.com</a>.&nbsp;&nbsp;

Grubhub is part of<a href="https://www.justeattakeaway.com/" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.justeattakeaway.com/" target="_blank" rel="noreferrer noopener">Just Eat Takeaway.com</a> (LSE: JET, AMS: TKWY), and is a leading U.S. food ordering and delivery marketplace. Dedicated to connecting diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms, and an improved delivery experience. Grubhub features 375,000 merchants in over 4,000 U.S. cities.&nbsp;

Starbucks orders will be available via Grubhub in select markets beginning in June, with national availability by August 2024.

Starbucks and Grubhub Launch Delivery Partnership 

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Starbucks and Grubhub Launch Delivery Partnership

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SEATTLE – Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 31, 2024. GAAP results in fiscal 2024 and fiscal 2023 include items that are excluded from non-GAAP results. Please refer to the reconciliation of GAAP measures to non-GAAP measures at the end of this release for more information. 

For the full press release, please visit our Investor Relations site <a href="https://investor.starbucks.com/ir-home/default.aspx" target="_blank" rel="noreferrer noopener">here</a>.&nbsp; &nbsp;

“In a highly challenged environment, this quarter’s results do not reflect the power of our brand, our capabilities or the opportunities ahead,” commented Laxman Narasimhan, chief executive officer. “It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us. We have a clear plan to execute and the entire organization is mobilized around it. We are very confident in our long-term and know that our Triple Shot Reinvention with Two Pumps strategy will deliver on the limitless potential of this brand,” Narasimhan added. 

“While it was a difficult quarter, we learned from our own underperformance and sharpened our focus with a comprehensive roadmap of well thought out actions making the path forward clear,” commented Rachel Ruggeri, chief financial officer. “On this path, we remain committed to our disciplined approach to capital allocation as we navigate this complex and dynamic environment,” Ruggeri added.&nbsp;

Smiling woman barista opens the door to Starbucks cafe

Starbucks Corporation (Nasdaq: SBUX) today reported financial results for its 13-week fiscal second quarter ended March 31, 2024.

Starbucks Reports Q2 Fiscal 2024 Results  - Starbucks Stories

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Starbucks Reports Q2 Fiscal 2024 Results 

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Starbucks Reports Q2 Fiscal 2024 Results

100 percent of sales of Starbucks Odyssey Blend will support World Central Kitchen’s humanitarian relief efforts around the world

Every single day Starbucks partners (employees) demonstrate their commitment to giving back to their communities through volunteer work, donations or simply sharing a smile.

In support of the <a href="https://stories.starbucks.com/our-community-promise-contribute-positively/">company’s community promise</a>, Starbucks announced that moving forward, each year the company will offer a giveback from purchases of select whole bean coffees. From April 29 – June 24,&nbsp;2024, Starbucks will donate 100 percent of sales of Starbucks Odyssey Blend, a coffee created to symbolize Starbucks focus on people, planet and craft through coffee, to support World Central Kitchen’s humanitarian relief efforts around the world.

“Efforts like these demonstrate how we can use our scale for global good and highlight how we’re working to bring our promises to life,” said Starbucks global chief executive officer Laxman Narasimhan said. “It shows that our promises aren’t just words – they are actions.”&nbsp;

World Central Kitchen has been a non-profit partner of The Starbucks Foundation since 2019 and has spearheaded disaster relief efforts delivering food aid to impacted communities around the world, from Morocco and Türkiye (Turkey) to Japan and Hawaii.

Since its inception, World Central Kitchen has been at the forefront of getting aid deployed through international channels. They work with local partners to address the needs of the communities they serve and respond quickly, often within 24 hours, to disasters around the world.

In addition to the whole bean coffee giveback, Starbucks is continuing to match North American partner donations to World Central Kitchen through the Starbucks Community Champion Portal.

Odyssey Blend® was created to symbolize the future of Starbucks and its focus on people, planet and craft through the lens of coffee. The blend features beans from Brazil, Sumatra and Zambia – all specifically chosen for how they embody the innovative and responsible ways in which they have grown, cultivated and processed coffee.

Starbucks will donate 100 percent of the sale price to World Central Kitchen for each unit of Starbucks Odyssey Blend that is sold from participating Starbucks® stores from April 29 - June 24, 2024. In Canada, Starbucks will donate 100 percent of the sale price to Myriad Canada for its World Central Kitchen Global Humanitarian Aid Fund.

Building on a <a href="https://stories.starbucks.com/emea/stories/2024/the-starbucks-foundation-and-alshaya-starbucks-are-committed-to-providing-humanitarian-aid-in-gaza/">joint $3 million donation from The Starbucks Foundation and Alshaya Group</a>, Starbucks Europe, Middle East and Africa (EMEA) and Alshaya Starbucks have also launched a partner donation matching initiative aimed at raising additional funds for food aid in Gaza through World Central Kitchen.<a id="_msocom_1"></a>

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Starbucks announced a new giveback offer from purchases of select whole bean coffees, starting with Starbucks Odyssey Blend to support World Central Kitchen’s humanitarian relief efforts around the world.

Starbucks uplifts communities with new coffee giveback program - Starbucks Stories

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Starbucks uplifts communities with new coffee giveback program

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Furthering its environmental promise, Starbucks verifies 6,000 Greener Stores in more than 40 markets globally&nbsp;

Company awards six new Greener Stores of the Year across international regions, celebrating stores at the intersection of sustainability and innovation&nbsp;

SEATTLE - Starbucks has certified <a href="https://stories.starbucks.com/uploads/2024/02/2023-Starbucks-Global-Impact-Report.pdf" target="_blank" rel="noreferrer noopener">6,091 Greener Stores</a>, nearly doubling its portfolio in the past year, and a milestone achievement toward the company’s goal of certifying 10,000 Greener Stores globally by 2025. In markets around the world, Greener Stores energy and water savings and waste diversion help advance the company’s goal to reduce carbon emissions, water usage and landfill waste by 50% by 2030.&nbsp;

The company has Greener Stores in 44 markets with new markets including India, Hong Kong, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Taiwan, Vietnam, Bahrain, Italy, France, Spain, and Costa Rica, including the <a href="https://historias.starbucks.com/en-es/press/2024/starbucks-expands-global-greener-stores-program-announces-first-four-certified-greener-stores-in-costa-rica/">Hacienda Alsacia Visitor Center café</a> at Starbucks first and only coffee farm.

“Our big vision for the future is for every Starbucks store around the world to be more sustainable. That’s why I’m excited to see the continued growth of Greener Stores globally, driven by the passion of our partners,” said Michael Kobori, Starbucks chief sustainability officer. “Starbucks environmental promise comes to life through our baristas’ daily actions which help define a Greener Store, our innovative shift toward reusable cups, and our partnership with coffee farmers on sustainable growing practices — it’s all part of our commitment to give more than we take from the planet.”&nbsp;

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Since October 2022, all new Starbucks stores in Latin America and the Caribbean (LAC) are being built under the Greener Stores framework.&nbsp;

What’s A Greener Store?&nbsp;&nbsp;

Being certified as a Greener Store, means meeting standards across eight environmental impact areas developed in partnership with the World Wildlife Fund (WWF) and SCS Global Services: water stewardship, energy efficiency, waste diversion, renewable energy, responsible materials, engagement, sites, communities, health, and wellbeing. &nbsp;

Each Greener Store has a combination of sustainable features that help it receive its third-party verification. Some stores have obvious elements like solar panels or water recycling tanks. While others have more subtle features behind the counter like high efficiency appliances, low-emitting paint and sealants, and energy management systems as well as store practices like composting and food donation. &nbsp;&nbsp;

For example, in the United States, Starbucks Greener Stores practices have saved the company almost $60 million in annual operating costs, including 30% water savings and 30% energy reduction when compared to historic store practices.&nbsp;

Greener Stores of the Year&nbsp;

This year, the company announced its inaugural global Greener Stores of the Year program awarding one store in each of six regions to celebrate stores exceeding in innovation and environmental impact.&nbsp;

Latin America and the Caribbean (LAC) – Lima, Peru&nbsp;&nbsp;&nbsp;

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All store partners at the Starbucks Frutales location, in the Camacho neighborhood of Lima, have completed the Greener Apron program, a course&nbsp;about sustainability and practices partners can take to help reduce waste and improve their impact on the environment. “The certification on sustainable practices works on promoting getting orders in For-Here Cups,&nbsp;composting and also the use of reusables,” said store manager Andrea G. &nbsp;

All store finishes are provided by local suppliers, including a beautiful mural by a local Peruvian artist Selva, whose art represents our “harmonious relationship with our surroundings.”&nbsp;

Built as part of a project to revitalize Tennogawa Park, the store was designed to feel at one with the outdoors with large windows allowing ample natural daylight and deep eaves to prevent glare and heat. Store partners help run an annual festival held in the park and host “community connect” events, such as park clean-ups where partners volunteer alongside residents and customers.&nbsp;

Since December 2023, the first Greener Store in Japan,&nbsp;the Imperial Palace Gaien Wadakura Fountain Park store, has been a Reuse Ambassador workshop inviting nearby store partners to learn about reusables and practices that can help their store become verified as a Greener Store. &nbsp;

Europe, Middle East, and Africa (EMEA) - Cesme, Türkiye&nbsp;

The <a href="https://stories.starbucks.com/emea/stories/2024/meet-the-starbucks-emea-greener-store-of-the-year-for-2023/">store’s </a>natural stone exterior helps control indoor temperature and its high-efficiency HVAC system and on-site solar provide a 15% energy savings. A rainwater harvesting system provides landscape irrigation, and landscaping consists of local plants endemic to the area.

“Winning the EMEA Greener Store of the Year title is a truly remarkable achievement, especially for someone who values environmental sustainability like myself,” said store manager Gökçe C. “The recognition of our store’s sustainable design fills me with pride and motivates me to continue contributing towards a greener future.”&nbsp;

North America – Williamsburg, Virginia

“I’ve always loved that Starbucks cares about the environment and reducing waste, but now that I’ve been given the opportunity to be a part of a Greener Store, I feel a greater sense of responsibility. I see even more of the meaningful change we are making as a company each day,” said store manager Madi M. who added that “for the history buffs and William and Mary Alumni that visit us to see how an old house could become a Starbucks, we love to offer For-Here cups, share about personal cups, and tell curious customers about composting or Grounds for Your Garden.”&nbsp;

Located in historic Williamsburg, a 100-year-old house was turned into a new Starbucks café operating on 100% local renewable electricity provided by the Fern Solar project located just under 200 miles away. In addition, the store has a rainwater collection system in place for landscape irrigation and banquettes made from recycled wood.&nbsp;

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“Each individual person impacts the environment, and if Starbucks as a whole is taking a step towards being greener, hopefully, we can inspire others through our process,” said barista, Zach. “Every day I use a personal cup whether it’s for hot or cold drink, I make sure to always have one with me. I also encourage other partners or customers to bring in theirs to reduce the amount of waste we have with our plastic cups, paper cups, and lids. I like to remind customers about our discount with using a personal cup, and how they can benefit from using one as well.”&nbsp;

Asia Pacific – Ayali Kalan, Ludhiana, India

Located in Ayali Kalan, the first certified Greener Stores in India has EV chargers, a rainwater harvesting system, and distributes their used coffee grounds to be used as fertilizer in surrounding developments. The store has interactive displays raising awareness about climate change and inspiring others to embrace eco-friendly choices in their lives.&nbsp;&nbsp;&nbsp;

"I’m looking forward to engaging customers to let them know we are raising awareness about climate change, and the thoughtfulness we have put behind this store to reduce its environmental footprint. This award helps us celebrate and bring this awareness to our customers,” said Pankaj, store manager from Starbucks Ayali Kalan.

The Zhao Hua Road store was renovated with 90% recycled or reusable materials used in store construction, and 75% of store operational materials are recyclable. Installing LED energy-efficient lighting, an air-cooled ice machine and heat-pump water heater has resulted in a 50% energy reduction compared to before the store renovation.&nbsp;&nbsp;

Furthering its environmental promise, Starbucks verifies 6,000 Greener Stores in more than 40 markets globally.

Starbucks Announces 6,000 Greener Stores Worldwide

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Starbucks Announces 6,000 Greener Stores Worldwide 

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CEO Laxman Narasimhan lays out new geographic leadership and global support structure

SEATTLE – Starbucks Coffee Company (NASDAQ: SBUX) today announced it will be making several leadership changes, creating a clear geographic leadership structure, supported by global functions with deep functional expertise and the ability to drive impact on a global scale. These changes will go into effect April 1.

“We are making strong progress against our Triple Shot with Two Pumps Reinvention plan,” Laxman Narasimhan, Starbucks chief executive officer, shared with global partners earlier today. “To further accelerate progress, consistent with our ambitions, we are realigning the organization to balance clear geographical focus with investing in functional capabilities to scale around the world, generating productivity and reinvigorating our partner culture.”&nbsp;

Starbucks announced the following geographic ceos for the company: 

Given the vital nature of her role, Sara Trilling will remain executive vice president and president, North America, focused on enhancing the retail partner experience while growing the North America store portfolio and our North America licensed store business, reporting to Conway.&nbsp; Trilling remains a member of Narasimhan’s executive leadership team.&nbsp;

Three out of four of the company’s new store openings are planned for outside the U.S., and Starbucks intends to grow to 55,000 stores globally as part of the company’s strategic plan. 

With that context, additional regional leaders will include: 

With these appointments, the company will not replace the global chief marketing position most recently occupied by Brewer. Rather, each geographic ceo will have regional marketing support while Narasimhan announced two new global positions: 

“As we look to the future, the opportunity we have is truly limitless,” said Narasimhan. “Throughout our history, we have continued to reinvent not who we are or what we stand for, but what we do and how we connect with our customers and deliver our long-term aspirations. Because of our partners, and with our strategic plan and world class-leadership team, the best days of Starbucks are ahead of us.”&nbsp;

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 38,000 stores worldwide, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at <a href="https://stories.starbucks.com/" target="_blank" rel="noreferrer noopener">https://stories.starbucks.com</a> or <a href="https://www.starbucks.com/" target="_blank" rel="noreferrer noopener">www.starbucks.com</a>. &nbsp;

CEO Laxman Narasimhan lays out new geographic leadership and global support structure.

Starbucks announces new global leadership structure to accelerate company reinvention and elevate the brand

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Today, Starbucks virtually hosted its 32nd annual meeting of shareholders. Mellody Hobson, independent chair of the Starbucks Board of Directors, joined Laxman Narasimhan, chief executive officer, for opening remarks followed by the formal meeting led by Brad Lerman, executive vice president and general counsel.

As part of their opening remarks, both Hobson and Narasimhan offered perspectives on the year in review, acknowledged early progress driven by the company’s Triple Shot Reinvention with Two Pumps strategic plan, and shared their optimism for the long-term success of the company.&nbsp;

Grounded in Starbucks history and heritage, the company began the meeting with a sound-rich coffee tasting video, showcasing the journey behind its new spring lavender beverage offerings in the U.S.&nbsp;

Here are the important takeaways from today’s Annual Meeting of Shareholders:&nbsp;

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Hobson opened the meeting by acknowledging the continued transformation of Starbucks while reminding shareholders of recent efforts to strengthen the Board—all of which have continued to drive sustained value for stakeholders over time.

“The Starbucks Board is truly noteworthy. Stocked with world-class business leaders who help operate some of the most successful and iconic companies in the world. They bring remarkable expertise to Starbucks across so many fields,” Hobson remarked.&nbsp;

Since 2022, Starbucks has added five new independent directors to its board, to ensure the Board has the right balance of continuity and fresh perspectives to thrive in today’s changing environment.&nbsp;

These appointees include Beth Ford, CEO, Land O’Lakes; Wei Zhang, former Senior Advisor and President, Alibaba Pictures Group; Neal Mohan, CEO, YouTube, Daniel Servitje, CEO, President and Chairman, Grupo Bimbo SAB de CV, and Mike Sievert, CEO, President and Director, T-Mobile, USA. &nbsp;

Also, the board recently formed a new Environmental, Partner and Community Impact (EPCI) Committee to help oversee evolving regulations and standards as they apply to Starbucks partners and stakeholders.&nbsp;

Narasimhan followed Hobson with remarks focused on the enduring nature and long-term outlook of the brand.&nbsp;

“The Starbucks brand has always had an amazing way of finding a path forward reinventing itself and continuing to find relevance with customers over the last 53 years. We have continued to reinvent not who we are, but what we do – and how we connect with our customers,” he said. &nbsp;

“Like other global companies, we face a complicated operating environment, and some challenging headwinds. We are not immune from them. But, throughout our history, Starbucks has grown stronger and has become more relevant and resilient. We have the right team and the right plan. As we look to the future, the opportunity we have is truly limitless.” &nbsp;

One year after taking over the reins of Starbucks as chief executive officer and spending time in stores around the world, Narasimhan expanded further on what’s ahead.&nbsp;&nbsp;

"As we think more about product innovation, our opportunity in coffee remains a real advantage—it is our core strength, and we are investing to ensure we sustain our distinctiveness and ensure its future. For example, the initial feedback on our new Lavender beverages and their unique flavor notes, launched for the spring season, has been overwhelmingly positive."&nbsp;

Additionally, shareholders voted on several proposals during the meeting, including a report on plant-based milk pricing submitted by the People for the Ethical Treatment of Animals, a report on direct and systemic discrimination submitted by the National Center for Public Policy Research, and a report on human rights policies submitted by the National Legal and Policy Center. The results of these votes will be posted publicly within four days of the meeting.&nbsp;

A full-transcript and on-demand video will be posted to <a href="https://investor.starbucks.com/ir-home/default.aspx" target="_blank" rel="noreferrer noopener">Starbucks Investor Relations</a> site following today’s meeting.

Today, Starbucks will virtually host its 32nd annual meeting of shareholders.

What to expect from Starbucks 2024 Annual Meeting of Shareholders

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Recap: Starbucks 2024 Annual Meeting of Shareholders

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We respect and value the input and support of all of our shareholders and partners.&nbsp;

We appreciate the decision announced by SOC today. Our Board’s focus remains on driving long-term value for all stakeholders, including partners, shareholders, customers, and farmers.

Starbucks has always been committed to doing the right thing – importantly, for our partners who are the heart of our business.&nbsp;

The best days of Starbucks are ahead. We are focused on doing what we do best when we are at our best: bridging to a better future for our partners, uplifting the everyday for our customers, ensuring the future of coffee for all, contributing positively to our communities, and giving more than we take to the environment.&nbsp;

We look forward to continuing to work alongside our partners as we fulfill our mission together.

We respect and value the input and support of all of our shareholders and partners and we appreciate the decision announced by SOC today.

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Starbucks uplifts communities with new coffee giveback program

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