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SEATTLE – Starbucks (NASDAQ: SBUX) announced, effective today, Laxman Narasimhan has assumed the role of chief executive officer and will join the company’s board of directors. Narasimhan was named incoming ceo on <a href="https://stories.starbucks.com/press/2022/starbucks-names-laxman-narasimhan-as-next-chief-executive-officer/">September 1, 2022</a>, succeeding company founder and now former ceo, Howard Schultz.

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Following the global search for the new leader of Starbucks, Narasimhan joined the company as incoming ceo on October 1, 2022, bringing nearly <a href="https://stories.starbucks.com/leadership/laxman-narasimhan/">30 years of experience</a> leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies. Over the past five months, he has embarked on a unique immersion experience, traveling to work with partners (employees) in over 30 stores, manufacturing plants and in support centers around the world, earning his barista certification along the way. He became immersed in the reinvention plans for the company led by Schultz who returned as interim ceo effective April 4, 2022.

Since Schultz returned last year, Starbucks unveiled a company-wide reinvention strategy and continued to deliver on more than $1 billion in investments in retail partners and stores for prioritized areas such as increased pay and sick time accrual, new financial well-being benefits, modernized training and collaboration, store innovation and equipment and the celebration of coffee.&nbsp;The company saw a 47 percent stock price increase since the Q2 FY22 earnings call through the Q1 FY23 earnings call, and market cap growth of approximately $40 billion during that same time. The company also delivered 50 percent in Total Shareholder Return in this time period, far outpacing the S&amp;P 500.&nbsp;Starbucks was also most recently named the most valuable restaurant brand for the 7th consecutive year by <a href="https://brandirectory.com/rankings/restaurants/" target="_blank" rel="noreferrer noopener">Brand Finance</a>.

Schultz shared a letter to the company’s senior leadership team on the eve of the announcement – viewable <a href="http://stories.starbucks.com/press/2023/you-are-the-future-of-starbucks-howard-schultz-letter-to-leaders-as-he-steps-down/">here</a>.

“The board wants to express our sincerest thanks to our founder, Howard Schultz, for selflessly picking up the leadership mantle when asked—forgoing compensation and putting aside his own pursuits—for the love of our company and its partners,” said Mellody Hobson, Independent Starbucks Board of Directors chair.&nbsp;“We would not be where we are without him.”

Narasimhan officially assumes the role of chief executive officer today and will lead Starbucks Annual Shareholder Meeting this Thursday, March 23. As he ascends into the role, Narasimhan will continue engaging the leadership team, sharing his early learnings and insights and assessing opportunities for the company as they chart a path forward.

“Laxman’s intensive immersion into the business coupled with his extensive experience as a proven brand builder, innovator and operator have uniquely prepared him to lead Starbucks into its next phase of growth,” said Hobson. “This immersion has deepened Laxman’s understanding of Starbucks culture and values. In this time of learning and listening, he has already won the hearts and minds of our partners around the world.”

“I am humbled to officially step into my role as Starbucks chief executive officer, leading our incredible team of more than 450,000 green apron partners around the world. The foundation Howard has laid – building from scratch an iconic global brand fueled by a lasting passion to uplift humanity – is truly remarkable, and I am honored to have the opportunity to build on this deep heritage,” said Narasimhan. “As a human connection business, we have limitless possibilities to deliver for our partners, our customers, our investors and our communities through every cup and every connection. I am excited to work alongside our partners worldwide to unlock the limitless future of Starbucks.”

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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 36,000 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">www.starbucks.com</a>.

Forward-Looking Statements

Certain statements contained herein are “forward-looking” statements within the meaning of applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements may include statements relating to trends in or expectations relating to the effects of our existing and any future initiatives, strategies, investments and plans, including our Reinvention plan, as well as trends in or expectations regarding our financial results and long-term growth model and drivers; our operations in the U.S. and China; our environmental, social and governance efforts; our partners; economic and consumer trends, including the impact of inflationary pressures; impact of foreign currency translation; strategic pricing actions; the conversion of certain market operations to fully licensed models; our plans for streamlining our operations, including store openings, closures and changes in store formats and models; the success of our licensing relationship with Nestlé, of our consumer packaged goods and foodservice business and its effects on our Channel Development segment results; tax rates; business opportunities, expansions and new initiatives, including Starbucks Odyssey; strategic acquisitions; our dividends programs; commodity costs and our mitigation strategies; our liquidity, cash flow from operations, investments, borrowing capacity and use of proceeds; continuing compliance with our covenants under our credit facilities and commercial paper program; repatriation of cash to the U.S.; the likelihood of the issuance of additional debt and the applicable interest rate; the continuing impact of the COVID-19 pandemic on our financial results and future availability of governmental subsidies for COVID-19 or other public health events; our ceo transition; our share repurchase program; our use of cash and cash requirements; the expected effects of new accounting pronouncements and the estimated impact of changes in U.S. tax law, including on tax rates, investments funded by these changes and potential outcomes; and effects of legal proceedings. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to: the continuing impact of COVID-19 on our business; regulatory measures or voluntary actions that may be put in place to limit the spread of COVID-19, including restrictions on business operations or social distancing requirements, and the duration and efficacy of such restrictions; the resurgence of COVID-19 infections and the circulation of novel variants of COVID-19; fluctuations in U.S. and international economies and currencies; our ability to preserve, grow and leverage our brands; the ability of our business partners and third-party providers to fulfill their responsibilities and commitments; potential negative effects of incidents involving food or beverage-borne illnesses, tampering, adulteration, contamination or mislabeling; potential negative effects of material breaches of our information technology systems to the extent we experience a material breach; material failures of our information technology systems; costs associated with, and the successful execution of, the Company’s initiatives and plans; new initiatives and plans or revisions to existing initiatives or plans; our ability to obtain financing on acceptable terms; the acceptance of the Company’s products by our customers, evolving consumer preferences and tastes and changes in consumer spending behavior; partner investments, changes in the availability and cost of labor including any union organizing efforts and our responses to such efforts; failure to attract or retain key executive or employee talent or successfully transition executives; significant increased logistics costs; inflationary pressures; the impact of competition; inherent risks of operating a global business including any potential negative effects stemming from the Russian invasion of Ukraine; the prices and availability of coffee, dairy and other raw materials; the effect of legal proceedings; and the effects of changes in tax laws and related guidance and regulations that may be implemented, including the Inflation Reduction Act of 2022 and other risks detailed in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings.

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this release. We are under no obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

Press Releases - Starbucks Stories

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Following the global search for the new leader of Starbucks, Laxman Narasimhan joined the company as incoming ceo on October 1, 2022, bringing nearly 30 years of experience leading global consumer goods businesses and advising retail, grocery, restaurant and e-commerce companies.

Laxman Narasimhan Assumes Role of Starbucks Chief Executive Officer

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<a href="https://stories.starbucks.com/starbucks-oleato-olive-oil-meets-coffee/">Starbucks Oleato™</a> brings together the unexpected – Starbucks® arabica coffee deliciously infused with a press of Partanna® cold pressed, extra virgin olive oil. The result is a velvety smooth, delicately sweet and lush coffee that uplifts each cup with an extraordinary new flavor and texture.

Following the February debut of <a href="https://stories.starbucks.com/press/2023/introducing-starbucks-oleato-a-revolutionary-new-coffee-ritual/">Starbucks Oleato™ beverages in Italy</a>, starting March 23, the Starbucks Reserve® Roasteries in Chicago, Seattle and New York, as well as the new Starbucks Reserve® Empire State Building® store, and the Starbucks Reserve® locations in SoDo Seattle and Greenwich Lane in NYC will launch Starbucks Oleato™ beverages. The original Starbucks store located in Seattle’s Pike Place Market will offer the beverages on March 23. Then on March 27, select Starbucks stores in Seattle and Los Angeles will start serving the beverages.

Starbucks Oleato beverages available in Seattle and LA starting March 27

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Starbucks Oleato™ Caffè Latte: Starbucks Blonde® Espresso Roast, a light roast that is smooth and subtly sweet, is infused with Partanna® extra virgin olive oil and steamed with creamy oatmilk to create a velvety smooth, deliciously lush latte.

Starbucks Oleato™ Iced Shaken Espresso: This coffee-forward beverage offers layers of flavor sweetened with notes of toffeenut, rich espresso and creamy oatmilk infused with Partanna® extra virgin olive oil.

Starbucks Oleato™ Golden Foam™ Cold Brew: The inviting aroma of lush Partanna® extra virgin olive oil infused cold foam cascades slowly through the dark, smooth cold brew, creating a subtle sweetness in the beverage.

Starbucks Oleato™ beverages and experiences available at Starbucks Reserve® Roasteries and stores starting March 23

The <a href="https://www.starbucksreserve.com/en-us/coffee" target="_blank" rel="noreferrer noopener">Starbucks Reserve®</a> Roasteries in Chicago, Seattle and New York, as well as the Starbucks Reserve® Empire State Building® store, the Starbucks Reserve® Greenwich Lane store in NYC, and the Starbucks® Reserve® SoDo store in Seattle will serve their own lineup of Starbucks Oleato™ beverages and offer an exclusive tasting experience starting March 23.

Starbucks Oleato™ Caffè Latte: Starbucks Reserve® Espresso and creamy oatmilk infused with Partanna® extra virgin olive oil, creating a velvety, luscious latte.

Starbucks Oleato™ Iced Cortado: Starbucks Reserve® Espresso, orange piloncillo syrup, a dash of orange bitters and oatmilk, infused with Partanna® extra virgin olive oil. It is then served over ice and finished with an orange peel.

Starbucks Oleato™ Golden Foam™ Cold Brew: Starbucks Reserve® Cold Brew lightly sweetened with vanilla bean syrup, finished with Partanna® extra virgin olive oil infused cold foam, creating an inviting aroma and subtle sweetness.

Starbucks Oleato Golden Foam™ Espresso Martini: Starbucks Reserve® signature Espresso Martini finished with a delicate sweet layer of Golden Foam™, a fusion of fior di latte (sweet cream) and Partanna® extra virgin olive oil.

The Oleato™ Tasting Experience: A barista-led, multi-sensory experience that showcases the alchemy of aroma, flavor, and texture unique to Oleato™. This immersive experience is only available at Starbucks Reserve® Roasteries in Seattle and Chicago, the Starbucks Reserve store Empire State Building, and reservations can be booked in advance at <a href="https://www.starbucksreserve.com/en-us/coffee">StarbucksReserve.com</a>.

Customers can also purchase Partanna® extra virgin olive oil at Starbucks stores and Starbucks Reserve locations where Oleato beverages are offered.

Three Starbucks Oleato beverages to go with small can of Partanna extra virgin olive oil on a marble countertop

Fact Sheets - Starbucks Stories

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Starbucks Oleato™ brings together the unexpected – Starbucks® arabica coffee deliciously infused with a press of Partanna® cold pressed, extra virgin olive oil.

Starbucks Oleato Beverages Arrive at Select Stores in the U.S.

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From January through March, Starbucks flew 800 partners (employees) from the U.S. and Canada to <a href="https://www.starbuckscoffeefarm.com/en/" target="_blank" rel="noreferrer noopener">Hacienda Alsacia</a> – <a href="https://coffeeexperiences.starbucks.com/" target="_blank" rel="noreferrer noopener">the Starbucks research and development farm in Costa Rica</a>&nbsp;– to participate in the 2023 Origin Experience (OE) and immerse in the story of coffee.&nbsp;Two more Origin Experiences are planned for later this year in Indonesia and Rwanda, for international partners.

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The partners, all of them certified Coffee Masters, represent a variety of roles within the company, from barista to manufacturing to operations leaders. They&nbsp;met farmers, agronomists and exporters; planted coffee seeds and harvested coffee cherries; saw how coffee is grown and processed; and learned about the best practices that have consistently resulted in yields at Hacienda Alsacia that are 4 to 5 times the national average.

See what they experienced, through this photo essay, and hear from&nbsp;partners about what they’re taking away.

“My hope is you’ll never look at a bean or a cup of coffee the same way again,” says Beth Ann Williamson, one of the OE guides, right before partners get off the bus at the Hacienda Alsacia Visitor Center. OE starts with – what else? – a tasting of coffee grown, processed and roasted on the farm. Partners then get guided tours of the Visitor Center, which recently celebrated its 5th anniversary, where they take in sweeping views of the farm and begin to learn about what coffee plants look like at different stages, and how it transforms from seed to cup.

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Carlos Mario Rodriguez, Starbucks head of global research and development, and <a href="https://stories.starbucks.com/stories/2023/on-international-womens-day-starbucks-celebrates-the-women-leading-the-way-in-the-coffee-business/" target="_blank" rel="noreferrer noopener">Sara Bogantes, agronomist</a>, explain the work being done to develop the next generation of coffee plants. Their job is to find and cultivate hybrids and varietals with the elusive combination of high yield, good taste and resistance to climate change and disease. Bogantes, a 4th generation coffee farmer, talks about the Starbucks core collection she manages – 617 different kinds of coffee available to farmers through Starbucks open-source agronomy initiative.&nbsp;

After lunch, underneath a big open-air tent on a soccer field, Victor Trejos, general manager of the farm, leads partners out to the Esperanza (hope) plot, named after his mother who passed three years ago, and named after the “hope and love you need to be a coffee farmer.” Partners plant seedlings into the ground, and decorate and personalize identification stakes next to each. “It was oddly emotional,“ says Josh Tesdall, a shift supervisor from St. Paul, Minnesota. “It feels like I contributed to my job in a way that I've never been able to before.”&nbsp;

Don Concho and Doña Maritza, two coffee harvesters, share their family’s story of migrating from Nicaragua and talk about the work of picking coffee cherries by hand. After learning it takes about 25 coffee cherries to make an espresso shot, partners team up and harvest ripe coffee cherries for the next half hour. They marvel at the physical labor needed to fill even the bottom of their baskets.&nbsp;&nbsp;

Partners don safety helmets and vests to tour the loud, vibrating three-story wet mill. They can see how the raw coffee cherries are washed and processed; how the skin, pulp and mucilage are removed; and how the beans are sorted into different grades. Some of the beans go to a large concrete drying pad and racks nearby. Others go to the adjacent dry mill where they’re tumbled in heat and prepped for shipping in large burlap coffee sacks. Trejos surprises each partner with their own burlap sack.&nbsp;&nbsp;

An hourlong drive away,&nbsp;partners meet Napoleon Chavez, 38, a smallholder farmer. About five years ago, his family coffee business was almost wiped out by coffee rust, a fungal disease. He restarted his farm with seedlings from&nbsp;Hacienda Alsacia and adopted Starbucks <a href="https://stories.starbucks.com/press/2020/cafe-practices-starbucks-approach-to-ethically-sourcing-coffee/" target="_blank" rel="noreferrer noopener">C.A.F.E. Practices</a>.&nbsp;He’s since doubled his yield, and now runs a model farm, where he evangelizes ethical sourcing and sustainability solutions to others in his community.&nbsp;&nbsp;

Inside the coffee laboratory, partners practice cupping, the formal observation of the tastes and aromas of brewed coffee. Three cups are placed in front of each partner – a blind tasting of single-origin coffees from around the world. The conversation starts with the senses and how each coffee smells and reacts on the tongue after a big slurp. One sample elicits “tobacco,” “peppery” and “heavier mouthfeel.” Another is described as “sour,” “blueberries” and “juicy.” Other discussions follow. Is unripe banana a good or bad smell? What causes some coffee to taste like a band-aid, or a raw potato?&nbsp;&nbsp;

A tractor pulls a large trailer along a hilly ridge at about 5,000 feet elevation, past densely packed rows of coffee trees on the foothills of Poas, an active volcano. The tractor stops and partners walk up to an overlook, the highest point on the farm. Felipe Arbelaez Jaramillo, the manager of the Starbucks Colombia Farmer Support Center, introduces himself and talks about the role of the <a href="https://stories.starbucks.com/press/2018/starbucks-farmer-support-centers/" target="_blank" rel="noreferrer noopener">10 FSCs around the world:</a> to help farmers improve crop quality and yield.&nbsp;&nbsp;

After learning about the <a href="https://stories.starbucks.com/stories/2023/the-starbucks-foundation-announces-grants-to-uplift-1-million-women-and-girls-in-coffee-growing-communities/" target="_blank" rel="noreferrer noopener">work of The Starbucks Foundation in origin communities</a>, and a discussion around&nbsp;<a href="https://stories.starbucks.com/press/2020/cafe-practices-starbucks-approach-to-ethically-sourcing-coffee/" target="_blank" rel="noreferrer noopener">C.A.F.E. Practices of ethical sourcing and sustainability</a>, partners are asked to gather their thoughts and prepare the stories they want to share when they get back home. It’s been a full, whirlwind schedule – back-to-back 13-hour days. Some want to lead a coffee tasting. Others build&nbsp;photo essays or write poems they plan to share with family members and co-workers back home.&nbsp;&nbsp;

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Craft and innovation in our drinks, our food our stores and the Starbucks experience.

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Starbucks recently flew 800 partners (employees) from the U.S. and Canada to Hacienda Alsacia, our research and development farm in Costa Rica, to immerse in the story of coffee.

Costa Rica Origin Experience 2023

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New round of investments, part of collective private and public sector collaboration, is a major step to scale innovative solutions to advance water access and reduce waste sent to landfill&nbsp;

Ahead of its 2023 Annual Meeting of Shareholders, Starbucks announced over $50 million in planned investments to advance its ambitious target to cut its water and waste footprints in half by 2030.

“At Starbucks, it’s our role and responsibility to protect our planet and give back more than we take. These investments will help us make significant strides toward our sustainability commitments while building a business that scales for good and is driven by innovation,” said Starbucks executive vice president of global coffee, social impact and sustainability, Michelle Burns.

Driven by the passion of its partners, <a href="https://stories.starbucks.com/press/2021/starbucks-expands-commitment-to-water-and-outlines-comprehensive-strategy/">Starbucks is committed to building a more equitable, resilient and sustainable</a> future for communities and the planet. This latest round of investments showcases the power of collective impact across sectors and Starbucks role as an industry-wide model for how thoughtful partnerships can drive environmental stewardship and long-term business goals.

Mexico: Subsidized water delivery allows Gloria and her husband to have regular access to affordable water for drinking, bathing, cleaning, and growing fresh food in their garden. (Photo credit: Water.org)

Building a Water Positive Future

At present, two billion people around the world are living in water-stressed areas. Investing in water and climate projects can be a solution for advancing equity and human rights, alleviating the impacts of climate change and securing resilient supply chains.

In support of our expanded water commitment of 50% of water withdrawal conserved or replenished across our direct operations, stores, packaging and agricultural supply chain by 2030, Starbucks has committed to prioritize action in high-risk basins through collective action and support watershed health, ecosystem resilience and water equity.

To achieve this target, Starbucks is leveraging its global reach and partnering with other leading companies who are members of the United Nations Water Resilience Coalition and the public sector to unlock critical capital for making progress against UN SDG 6. Starbucks <a href="https://unglobalcompact.org/news/5046-03-16-2023" target="_blank" rel="noreferrer noopener">announced an initial anchor investment of up to $25 million into WaterEquity’s Global Access Fund IV</a> in partnership with other corporate peers and the United States International Development Finance Corporation. Through such an investment, Starbucks is helping lead the way in an innovative approach to water stewardship with the hope of catalyzing additional companies to invest in water action. Starbucks is exploring additional investments that would bring our total investment intended to advance water access, sanitation and hygiene (WASH) to $50 million.

Starbucks recent investment with WaterEquity will support improvements in water access and quality for low-income populations in countries across South and Southeast Asia, Sub-Saharan Africa and Latin America through microfinance loans for the purchase of WASH products and services such as household toilets, water filters and tap connections. Innovative investments like this build on The Starbucks Foundation’s long history of investments in WASH around the world and help meet the company’s new commitment to enhance WASH for 5 million people. The company is complementing its investments with ongoing programmatic work in high-risk basins with leading NGO partners including WWF, TNC, Water.org and WaterAid.

Brazil: Since getting access to safe water at home, Cirliane can spend her time baking cakes to sell rather than walk to collect water. (Photo credit: Water.org)

Investing in a Circular Economy

In another key step to reduce its environmental impact and bolster a more robust recycling industry, Starbucks <a href="https://www.closedlooppartners.com/global-corporations-join-brookfield-to-invest-nearly-a-billion-dollars-in-closed-loop-partners-operating-company-circular-services-the-leading-developer-of-circular-economy-infrastructure/" target="_blank" rel="noreferrer noopener">announced a $10 million investment in Circular Services</a> to reduce landfill waste and drive innovative efforts to shift towards a circular economy in the United States.

Circular Services is the largest privately held recycling company in the United States, and Starbucks investment will support their work helping U.S. municipalities and businesses reduce the amount of valuable recyclable material sent to landfill. Circular Services uses advanced technology to improve sortation, processing and reuse of valuable commodities, including consumer packaging, organics, textiles, electronics and more, for continual reuse in domestic supply chains.

This investment will not only bring recycling access to Starbucks stores, but also creates a partnership with leading waste industry stakeholders to collaborate on recycling solutions for packaging types with limited access to recycling programs such as Starbucks hot cup.

Sims Municipal Recycling (SMR), a Closed Loop Partners investment, produces hundreds of thousands of tons of recycled metals, plastics, paper and glass for sale to mills, smelters, refiners, re-claimers and secondary material processors. (Photo credit: Michael Anton | Sims Municipal Recycling)

“Now is the time for bold action to transform the recycling infrastructure in the U.S. Starbucks is excited to join with Microsoft, Nestle, PepsiCo, SK Group, Unilever, Brookfield and the Partnership Fund for New York City to help generate nearly a billion-dollar investment in Circular Services. This builds upon our long-standing work with Closed Loop Partners, whose NextGen Consortium has made significant strides in advancing sustainable packaging, including bringing hot cup recycling to more communities,” said Starbucks chief sustainability officer, Michael Kobori.

Starbucks investment is part of a collaborative collective including Microsoft, Nestlé, PepsiCo, SK Group, Unilever and Brookfield Renewable, all working to scale circular economy infrastructure with a goal of catalyzing further corporate capital and accelerating growth of innovative partners that will champion the circular economy of the future.

As we look to the future, we are challenging ourselves to think bigger and do much more in partnership with others to take care of the planet we share. With the help of our partners, customers, industry experts and advocates, we are innovating – testing, learning and scaling – new ways to help protect our planet.

Supporting Water Projects Worldwide&nbsp;

Starbucks is also investing RMB 3 million to initiate the Qiandao Lake water replenishment project, in partnership with The Nature Conservancy, and with the support of the local government. Through this initiative, the company seeks to develop water replenishment into a viable and effective nature-based solution that complements existing water conservation efforts, with potential for adaptation to other critical water basins across China.&nbsp;&nbsp;

The project features two scientifically proven strategies for improving water quality, tailored to the unique characteristics of the local natural ecosystem including the promotion of sustainable agriculture to reduce soil erosion and surface runoff and wetlands restoration that naturally filters off pollutants while enhancing local biodiversity. Qiandao Lake supplies drinking water to approximately 10 million people across Zhejiang Province.&nbsp;&nbsp;

Alsea Foundation, The Starbucks Foundation and World Vision announced a partnership with Planet Water Foundation to guarantee access to clean water for vulnerable communities with plans to install 25 water towers over the next five years. The initiative will guarantee access to clean and safe water for 45,000 people in various communities across Mexico and in markets where Alsea operates Starbucks stores.&nbsp;

“We believe that access to clean and safe water is a basic human right, which is why we have collaborated with Planet Water Foundation for more than 10 years, starting in Indonesia and recently expanding to Latin America,” said Alicia Vermaele, director of The Starbucks Foundation. “We are proud that this new initiative will accelerate access for communities in Mexico, Colombia and other places where there is insufficient access to clean water, with the help of our local Starbucks partners as volunteers, who know their communities best.”&nbsp;

Ahead of its 2023 Annual Meeting of Shareholders, Starbucks announced planned investments to advance its ambitious target to cut its water and waste footprints in half by 2030.

Starbucks Commits Over $50 Million to Sustainable Waste and Water Funds Toward a Resource-Positive Future

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I accept the position of ceo of Starbucks with the deepest of humility. I am thankful to chair Mellody Hobson and the Board of Directors for entrusting me with this responsibility.

Starbucks is an incredible company and its best days are ahead of it. We have a critical role to play in bringing human connection to a world that’s quite disconnected. And in that quest, the best days for you, my partners, are ahead of you.

I met Howard Schultz a year ago in New York City. From that moment, he has been a sensei who has introduced me to the company and to its ways — and the importance of coffee. Throughout my six month immersion journey, Howard has been generous in his advice and guidance, all steeped in ensuring I understood the history of Starbucks and its cherished culture. At one point, someone asked why my immersion was to take six months. I replied that the question was asked with a Western lens. If the question was asked with an Eastern lens, it would be: “Why did the immersion take only six months?”

Howard believes strongly that the partners in this company come first. While there is always more we can do, and will do, the investments set in place by Howard over the last year have set the table for a new future for the company. He knows — because he came up with it — that in order to exceed the customer expectations, we must first exceed partner expectations. For that, Howard deserves nothing but all the praise and the gratitude.

I know this to be incontrovertibly true, even if some in the world may choose to assert a different view. For Howard, every decision, every idea, and every innovation has to be viewed through the lens of our partners and how it will shape their experience. Take our newest innovation, Oleato — a creation that came from Howard’s mind. While we may all take great pride in the excitement from our customers, Howard’s biggest joy was seeing that partners were energized by the idea, eagerly queuing up to try the product at the Seattle Support Center.

I was at Pike Place last week very early in the morning. It was before the store opened. And then we opened it. There was silence. I walked the store, touching the wood on the shelves. I saw the hook that stood near the entrance that was meant for Caroline, a customer who came there to connect with employees. I saw the shelves — exactly as they were when the store first opened many years ago. The espresso machines slowly turned on. The market began bustling. And soon, lines of customers formed. Customers that craved what Starbucks has to offer.

Think of this. Our business is a human connection business. It’s a human connection business over coffee. It took genius to take Starbucks from 11 stores to 36,000. It took genius to make us the first company that gave out Bean Stock. It took genius to lead on healthcare and benefits — including our transgender healthcare. It took genius to be the first company in China to provide benefits no other company had. It took genius to coin the phrase “performance through the lens of humanity”.

And it took 40 years of work. Of inspiration. Of struggles. Of doing the right thing even when no one thought it to be the case. And it took the genius of the individual coupled with the symphony of thousands of partners to create the magic of Starbucks. And that is the foundation of the limitless future that I know we will enjoy as a brand. A brand that our partners make special, every day.

And as Howard leaves, let me repeat what I said in our town hall. He will always be our founder. We will always honor him.

Quite simply, and with love: Thank You Howard.

Views - Starbucks Stories

https://stories.starbucks.com/press/views/

Message from Laxman to All Partners - Starbucks Stories

Message from Laxman to All Partners

Dear partners, I accept the position of ceo of Starbucks with the deepest of humility. I am thankful to chair Mellody Hobson and the Board of Directors for entrusting me with this responsibility. Starbucks is an incredible company and its best days are ahead of it. We have a critical role to play in bringing […]

https://stories.starbucks.com/press/2023/message-from-laxman-to-all-partners/

BUSTAMANTE, Costa Rica – For Kattya Hidalgo, the chickens came first. Then the eggs. It’s not clear which bring her more joy.&nbsp;&nbsp;

Hidalgo, 46, is part of a cohort of women farmers who work with <a href="https://www.beanvoyage.org/" target="_blank" rel="noreferrer noopener">Bean Voyage</a>, a Costa Rican nonprofit supported in part by The Starbucks Foundation, that empowers smallholder women coffee farmers with training in farming techniques, climate change, business fundamentals, financial literacy and project management.&nbsp;&nbsp;

After they finish a year-long curriculum, they can apply for seed money to start income-diversification projects.&nbsp;

With $300 last year, Hidalgo bought eight chickens and built a coop.&nbsp;&nbsp;

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“Hens caught my attention the most because here at home, we rarely eat meat. We prefer to eat eggs,” Hidalgo says. “But eggs are very expensive. We would limit ourselves to one egg a day. If you had eggs for lunch, you had no right to eat eggs at night.&nbsp;&nbsp;

“I can’t explain to you the joy of seeing the first eggs, seeing my children – ‘Mommy, eggs!’ – eating eggs produced by me.”&nbsp;&nbsp;

Since March 2022, <a href="https://stories.starbucks.com/stories/the-starbucks-foundation/" target="_blank" rel="noreferrer noopener">The Starbucks Foundation</a> has awarded 10 grants totaling nearly $3 million to nonprofits working with women in coffee and tea-growing communities across seven countries, including Bean Voyage. This announcement, on International Women’s Day, is part of the Foundation’s continuing <a href="https://stories.starbucks.com/press/2022/the-starbucks-foundation-commits-to-uplift-one-million-women-and-girls-in-origin-communities-by-2030/" target="_blank" rel="noreferrer noopener">goal to positively impact 1 million women and girls in “origin communities” by 2030</a>.&nbsp;&nbsp;

“We’re proud to work with nonprofits to reach women in coffee and tea-growing communities like Kattya,” says Alicia Vermaele, executive director of The Starbucks Foundation. “Through our Origin Grants, we’re helping to create opportunities and promote more equitable access to resources that enable women to improve their lives and livelihoods. We know that when we invest in a woman, we uplift not only that woman, but also her family and her community – leading to a brighter future for all.”&nbsp;&nbsp;

With these grants, The Starbucks Foundation expects to reach an additional 60,000 women and girls over the next three years.&nbsp;

In January, Sunghee Tark, co-founder and CEO of Bean Voyage, visited Hidalgo’s farm to check in on her and her hen project. Tark started the nonprofit in 2016 with her friend, Abhinav Khanal, after they graduated from college, in response to the millions of “invisible” women who work on coffee farms around the world. They chose the name Bean Voyage to help women coffee producers “feel like they’re traveling the world through their coffee,” Tark says.&nbsp;&nbsp;

“Because of how the coffee industry has been structured, and then the cultural elements in many parts of the world, including Latin America, a lot of times, the work that women do isn’t necessarily valued the same way as the work that men do,” Tark says.&nbsp;&nbsp;

“As an organization, we believe that if women are provided with the resources and then the right conditions, they will know what to do moving forward. What we do is make those resources available so they can actually go out and build their own future for themselves.”&nbsp;&nbsp;

For 22 years, Hidalgo worked as a legal assistant in San José, the bustling capital of Costa Rica. But then her boss, a lawyer, died. She and her family moved back to the countryside, where she’d grown up, and took over a coffee, fruit and vegetable farm. Though she was enthusiastic, there was a lot to learn. That’s when she heard about Bean Voyage and became intrigued by its mission.&nbsp;&nbsp;

“We live not only in a country, but in a world of aggression, where women have always been given very little space,” Hidalgo says. “Here and everywhere, people have always believed that men are the ones in charge, the ones who have to bring food to the table, and that women are only meant to raise children, and it's not like that. We live in times of equality when both you and I can work, and we both can contribute.”&nbsp;

Hidalgo says she’s learned so much from Bean Voyage – not only about better farming techniques but also about being a leader in her community, climate change adaptation and business and entrepreneurship. She sometimes sells her extra eggs to neighbors, which provides additional income. And she hopes to export her coffee one day.&nbsp;&nbsp;

“I want to keep learning. I no longer see myself as someone who struggles to learn,” she says. “On the contrary, I want to learn more every day and become even better than what I am.”&nbsp;&nbsp;

“I love them. You have no idea,” she says, laughing. “My hens will die of old age, but I won’t eat them.”&nbsp;

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The Starbucks Foundation Origin Grant recipients

Three women smiling outside on a farm, holding a plastic tub of eggs

Here’s what impact looks like. Meet Kattya, a smallholder coffee farmer in Costa Rica, who’s building a better life for her family, one egg at a time.

New round of grants from The Starbucks Foundation will help uplift women and girls in coffee-growing communities

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https://stories.starbucks.com/stories/2023/the-starbucks-foundation-announces-grants-to-uplift-1-million-women-and-girls-in-coffee-growing-communities/

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At the Costa Rica Farmer Support Center, Starbucks research and development agronomist Sara Bogantes is fighting for the future of coffee. Meet Sara and <a href="#coffee_leaders">11 other Starbucks women</a> from across the globe who are leading the way in coffee.

On a recent morning at Hacienda Alsacia, <a href="https://stories.starbucks.com/stories/2018/starbucks-farm-research-and-innovation/" target="_blank" rel="noreferrer noopener">Starbucks coffee and research farm in Costa Rica</a>, agronomist Sara Bogantes walks through the outdoor plant nursery, studying the rows of coffee plants at various stages of growth – from three months old and just sprouting to three years old and about to burst into first harvest.&nbsp;&nbsp;

To help cultivate and develop the next generation of coffee plants. To find those hybrids and varietals that have the elusive combination of good taste, high productivity and natural resistance to disease and climate change. And every day, with science, to fight for the future of coffee.&nbsp;&nbsp;

“I’m a fourth-generation coffee farmer, coffee is in my blood,” Bogantes says. “I love the connection with the farmers, but at the same time, I love making this connection through new tools, new varieties, new solutions.”&nbsp;

Bogantes works at the Costa Rica Farmer Support Center, one of <a href="https://stories.starbucks.com/press/2018/starbucks-farmer-support-centers/" target="_blank" rel="noreferrer noopener">10 that Starbucks has opened around the world</a>. There, she manages the “core collection” – 617 different coffee hybrids and varietals, available for free to any coffee farmer through the Starbucks open-source agronomy program.&nbsp;&nbsp;

Currently, about 3 million coffee seeds per year are distributed from the core collection to farmers in Peru, Colombia, Mexico, Guatemala and Costa Rica – whether they sell to Starbucks or not.&nbsp;&nbsp;

About 230 hybrids in the core collection are being newly evaluated. Bogantes is part of a research and development team trying to help find the strongest and best among them.&nbsp;&nbsp;

They send leaf clippings for analysis to a laboratory in Sweden, to get early genetic clues about which are more resistant to coffee rust and anthracnose, fungal diseases that kill coffee plants. They run tests to see how the plants process and absorb nutrients, physically examine root systems and leaf structures, and taste early samples from those producing coffee cherries.&nbsp;&nbsp;

After the team identifies those that show the most promise, Bogantes works with labs on making micro-cuttings and tissue cultures, techniques which can speed up propagation and distribution. Stronger plants in the ground, faster, means more income for farmers.&nbsp;&nbsp;

She also works closely with Carlos Mario Rodriguez, Starbucks head of global research and development, as part of the overall Farmer Support Center mission to directly train farmers and set up model farms based on <a href="https://stories.starbucks.com/press/2020/cafe-practices-starbucks-approach-to-ethically-sourcing-coffee/">C.A.F.E. practices</a> around ethical sourcing and sustainability, where all this knowledge can be practically disseminated, and farmers can see for themselves how to create optimal conditions on their own farms.&nbsp;&nbsp;

“She's very good with teaching farmers, guiding them, because of the experience that she has,” Rodriguez says. “Having a young woman supporting and interacting with farmers is very important, and also is encouraging many young people to just keep working in coffee.”&nbsp;&nbsp;

Bogantes, 35, grew up on her family’s coffee farm in nearby San Isidro de Alajuela. She was deeply impacted when an epidemic of coffee rust, in 2014, killed off almost all her family’s coffee trees. She was in the U.S. at the time, working at an internship, when she received the urgent phone call.&nbsp;&nbsp;

“I remember the weather was very cloudy. The day was so dark. It’s raining, cold,” she says, recalling the day she arrived back home. “And when I went to the coffee plantation, I remember looking at all the coffee trees, completely destroyed.&nbsp;&nbsp;

“You need to control your emotions because your parents are completely destroyed, and you need to give them support. You are feeling completely destroyed too, inside, but you need to be optimistic because you need to be the person to be the light.”&nbsp;&nbsp;

That, and a similar moment several years later in Puerto Rico, after she saw how Hurricanes Maria and Irma almost wiped out the country’s coffee industry, have underscored for Bogantes the urgency of researching and finding solutions. It’s been a theme her entire life, from her early internships in Brazil and the U.S. to her more recent work with nonprofits like World Coffee Research and TechnoServe. She joined Starbucks two years ago.&nbsp;&nbsp;

“Nothing makes me feel happier than seeing the faces of the coffee producers smile, transmitting hope and supporting them in believing that there is a future in coffee,” Bogantes says. “I feel like I’m living my dreams, but if we want to ensure coffee for the next 50 years, we don’t have that much time. This is my challenge right now.”&nbsp;&nbsp;

Meet the women leading in coffee around the globe

From coffee farms to coffee stores, and lots of points in between, we're spotlighting 12 women at Starbucks who are crucial to the coffee business – baristas, store managers, business directors, agronomists, roasters, leaders in sustainability and ethical sourcing, and more.&nbsp;&nbsp;&nbsp;

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Laxman Narasimhan Assumes Role of Starbucks Chief Executive Officer

Starbucks Oleato Beverages Arrive at Select Stores in the U.S.

Costa Rica Origin Experience 2023

Starbucks Commits Over $50 Million to Sustainable Waste and Water Funds Toward a Resource-Positive Future

Message from Laxman to All Partners

New round of grants from The Starbucks Foundation will help uplift women and girls in coffee-growing communities

On International Women’s Day, Starbucks celebrates the women leading the way in the coffee business

Introducing Starbucks Oleato – a Revolutionary New Coffee Ritual

Starbucks Reports Q1 Fiscal 2023 Results

Message from Howard Schultz: Introducing Starbucks Oleato™

Supporting our partners and communities affected by the earthquake in Türkiye (Turkey), Syria & surrounding regions

Starbucks Reports Q1 Fiscal 2022 Results