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As I step down as interim ceo of Starbucks, I am leaving you with this letter, written on the sunset of my last day as ceo for all of you to read on the morning of this new era. This is not a letter with advice. Everything you need to know resides inside of each of you.

What I want to write to you about is the love and responsibility for our company that we all share. Today, I am entrusting you all with Starbucks – something that holds a place in my heart second only to that of my beloved family.

Starbucks truly has been my life‘s work – but more than that, it’s always been about the lives of the millions of partners over the years who have proudly worn the green apron and it’s about the hundreds of thousands more who will join Starbucks in the years to come. It’s about every customer who comes through our doors. It’s about the communities our stores call home. Our company is like a river – the stewards of it will change over time, but it’s always growing and changing, carving a new path and moving forward to something better.

As I step away, I leave you all as the stewards, in service of all of our partners. They are the heart and soul of our company – the living embodiment of human connection. Through the years, I’ve seen over and over the profound impact our partners have on our customers, from a new parent whose first outing is to a Starbucks to introduce their baby to their favorite barista, to a store where partners learned sign language to better serve a deaf customer, to a widower who said that when he goes to his Starbucks, it may be the only time all week someone greets him by name. Our partners are making a difference in millions of lives a day. Serve them well.

I want to acknowledge that there are times when the responsibility for our partners, customers and communities around the world will feel heavy. But as partners, know that you are not shouldering the responsibility alone. Lean into one another – you will find support everywhere, from the boardroom to partners in plants to store managers to the newest baristas. Our partners have been teaching me for more than 40 years. They will help you all continue to earn your green apron every day.

And, importantly, lean into the joy. There is so much joy. Every single interaction that we have as partners and that we have with customers is an opportunity for meaningful connection. It adds up to a limitless capacity for joy, love and support, with the center being Starbucks. Remember that.

As I turn Starbucks over to you now, know that you have my utmost confidence, trust and love. You all are the future of Starbucks.&nbsp;The world needs Starbucks – and Starbucks needs all of you.

The privilege and honor of being part of Starbucks has been the gift of my lifetime. I know it will be yours as well.

“As I step away, I leave you all as the stewards, in service of all of our partners. They are the heart and soul of our company – the living embodiment of human connection,” wrote Howard Schultz to the senior leadership team on the eve of Laxman Narasimhan’s first day as Starbucks new chief executive officer.

‘You are the future of Starbucks’: Howard Schultz’ letter to leaders as he steps down

Stories to inspire and nurture the human spirit

Starbucks Stories

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Starbucks Corporation

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I have been thinking of you and your families over the holidays and, as we enter the new calendar year, I am reflecting on the enormous challenges you have encountered in the last few years.&nbsp;I cannot be more grateful for your&nbsp;selflessness and the incredible&nbsp;resilience you have shown in taking care of each other, serving our customers and supporting our&nbsp;communities, despite&nbsp;the&nbsp;continued disruptions to your home and work lives.&nbsp;It is during moments of adversity that we reveal&nbsp;our true character. Thank you for staying true to our values and exemplifying the very best of Starbucks.

I have been in weekly discussions with our China Leadership team and in daily touch with Belinda Wong to follow developments in China. I am very sorry to hear that there has been a spike in infections in the country since early December that has and continues to severely impact your lives and our business. I want to remind you, once again, that the health and well-being of your families, your partners and you is our number one priority. We will continue to protect and support our partners as China enters its post-Covid phase and begins the gradual process of fully reopening. 

The gradual return to normalcy and pre-Covid routines in people’s lives will undoubtedly contribute to our business recovery in China over time.&nbsp;Our customers are&nbsp;craving&nbsp;for a&nbsp;return to&nbsp;familiar&nbsp;routines and lifestyles, and huge pent-up consumer demand&nbsp;will be&nbsp;unleashed when people feel they are truly safe to venture outside. That will happen. And when it happens our customers will head to our stores&nbsp;in tremendous numbers to enjoy moments of reconnection, their favorite Starbucks beverages and the premium&nbsp;Starbucks Experience&nbsp;you deliver.

Nonetheless, and as Belinda has repeatedly shared, challenges and uncertainties remain and the recovery path ahead will be nonlinear.&nbsp;&nbsp;While the spread of Covid has impacted all retail businesses in China in these last two months, we believe the disruptions are temporary, and normalcy will gradually return for our stores and customers.&nbsp;&nbsp;

I know this because Starbucks commitment to China, and to our partners and business in China has never wavered, and is unwavering today. I remain confident that, even more than two decades after entering the market, we are&nbsp;still&nbsp;only in the early chapters of&nbsp;our&nbsp;growth story&nbsp;in China.&nbsp;I believe that one day, China will be Starbucks largest market.&nbsp;I am certain of that because of you, our China partners. Your demonstrated ability to meet&nbsp;every challenge, navigate every obstacle and volatility – and build even more operating muscle with every unexpected test – gives me the greatest confidence imaginable in the future of our business in China. Starbucks will continue to invest in you, and in China, for decades to come. And I promise you our best days are ahead.&nbsp;

Please know that I cannot wait to see you in person in China very soon.&nbsp;I’ll be looking for the very first opportunity to do so. In the meantime, with Chinese New Year approaching, please accept my very best wishes as you reunite with your families and celebrate a healthy and&nbsp;prosperous&nbsp;Year of the Rabbit.

“Your demonstrated ability to meet every challenge, navigate every obstacle and volatility – and build even more operating muscle with every unexpected test – gives me the greatest confidence imaginable in the future of our business in China.”

Message to Starbucks China Partners: Sending love and good wishes for a prosperous Chinese New Year

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Two-day gathering designed to build capability and confidence company leaders need to transform their stores and partner (employee) experience

SEATTLE – Starbucks Corporation (NASDAQ: SBUX) today welcomed 2,000 retail leaders from across the U.S. and Canada for a District Manager+ Leadership Experience in Seattle, Wa. Designed to build the leadership excellence required for retail leaders to lead their stores and store partner (employees) though the <a href="https://stories.starbucks.com/press/2022/starbucks-enters-new-era-of-growth-driven-by-an-unparalleled-reinvention-plan/">company’s Reinvention</a>, this gathering marks the first convening of its kind since 2014, bringing together District Managers, Regional Directors, Regional Vice Presidents from Company-Operated, Licensed Store and Siren Retail businesses in the U.S. and Canada, as well as leaders from the company’s partner resources organization.

Over the course of two days, retail leaders will hear from regional and global leadership, and participate in capability-building forums. In the welcoming remarks, Sara Trilling, executive vice president, Starbucks North America, addressed the opportunity. “We must all think of ourselves as brand new – for the next few days we’ve got to get into a growth mindset... what worked yesterday may not work today,” Trilling said. “We have to think differently. What an incredible advantage we have this diverse and rich mix of partners to tap into it’s the collection of your experiences working side-by-side all together, driving our reinvention and bringing every store and partner along with us.”

The leadership convening is a demonstration of Starbucks continued investment in the company’s partners and signals a defining moment in the Reinvention journey. Specific trainings and conversations will focus on mastering craft, building connections, communicating with impact and problem solving. Leaders will go back to their markets later this week equipped with the clarity, skills and agency they need to lead, inspire and nurture their stores and store partners, and a deep understanding that they are part of something bigger and their accountability to the enterprise priorities.

Earlier this week, Starbucks ceo Howard Schultz shared in a letter to Starbucks partners, “If you’ve been with Starbucks for any length of time, you’ve probably heard me talk about love. I love our partners. I love the culture we’ve built. And I love the purpose we serve as a company. Love and responsibility are the reasons I returned to Starbucks in April. Most companies don’t center their business philosophy on love. But it’s what has always been the core of our company – love not only for our 450,000 partners around the world, but also love for our customers, love for coffee and connection, and love and respect for coffee farmers. I believe it’s what drives our company’s great success. It’s what makes customers choose us, again and again, when they have so many other alternatives. It is built not by a single action but compounding momentum over time. Decision upon decision, action upon action, turn by turn – each loop adding to the collective effect.”

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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 34,000 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>.

Company leaders are attending a two-day gathering designed to build capability and confidence needed to transform their stores and the partner (employee) experience.

Starbucks Convenes 2,000 Retail Leaders from Across U.S. and Canada to Enable Leadership Excellence as Company Reinvents for the Future

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Introduces Three-Year Financial Roadmap, Delivering Annual 7-9% Comparable Store Sales Growth, 10-12% Revenue Growth, and 15-20% Non-GAAP EPS Growth

SEATTLE – Starbucks (NASDAQ: SBUX) today hosted its biennial Investor Day in Seattle where interim chief executive officer Howard Schultz, chief financial officer Rachel Ruggeri, and Starbucks leaders showcased the company’s Reinvention plan to an in-person audience of more than 150 investors. Presentations highlighted decisive actions and targeted investments in partners, customers, and stores that are expected to accelerate the company’s long-term growth, progressively expand operating margin, and drive high-teens non-GAAP EPS growth annually through fiscal 2025.

“As we execute on our Reinvention plan, we are building on our 51-year history of market leading innovation to position our business and our brand for the next chapter of growth,” said Schultz. “Guided directly by our partners, we have already begun to take action on an inspired roadmap to build the future of Starbucks, all while staying true to our mission of uplifting communities through a shared love for coffee and further extending our coffee leadership and innovation. I am confident that our partners and world-class leadership team will capture the significant global growth opportunity ahead, unlocking value for all our stakeholders.”

Schultz also introduced incoming ceo Laxman Narasimhan, who shared his enthusiasm for the Reinvention plan. Narasimhan will officially join Starbucks on October 1, 2022 and will work closely with Schultz before assuming the ceo role and joining the Board in April 2023. Schultz will remain as a member of the Board after the transition.

Starbucks Unveils Roadmap for Accelerated EPS Growth

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In connection with its Reinvention plan, Starbucks introduced a framework for accelerated earnings growth over the next three years, underpinned by enhanced comparable store sales growth, increased store count growth, continued margin expansion, and disciplined capital allocation.

“Starbucks is a growth company, and our accelerated expansion is a direct reflection of the expected returns from our Reinvention plan,” said Ruggeri. “By making strategic and highly targeted investments to drive value for partners, Starbucks will also drive value for customers and shareholders, while managing costs, improving margins, and elevating the Starbucks Experience for all stakeholders.”

From fiscal 2023 to fiscal 2025, Starbucks expects comparable store sales growth to be in the range of 7% to 9% annually, both globally and in the U.S., up from the previous range of 4% to 5%. In China, Starbucks expects outsized comparable store sales performance in fiscal 2023 and fiscal 2024, as the market laps the severe impact of COVID-related lockdowns, with growth normalizing in the new range of 4% to 6% in fiscal 2025, an increase from the prior range of 2% to 4%, reflecting an increased digital capability and confidence in the vast opportunity ahead in this key growth market.

The company’s global store portfolio is expected to grow by roughly 7% annually on a net basis from fiscal 2023 to fiscal 2025, up from the previous estimate of approximately 6%. This increase is driven largely by accelerated growth across the U.S. portfolio as purpose-built store formats in conjunction with the Reinvention plan is expected to deliver net new store growth of 3% to 4% annually, compared to approximately 3% as previously estimated. Starbucks also expects to continue robust store development in China, with net unit growth of approximately 13% annually. Globally, Starbucks expects to approach 45,000 stores by the end of 2025, and is well on track to reach approximately 55,000 stores by 2030, as projected at its 2020 Investor Day.

Starbucks now expects global revenue growth in the range of 10% to 12% annually from fiscal 2023 to fiscal 2025. This represents an improvement from the company’s previous range of 8% to 10%, driven by priority investments that elevate partner engagement and store efficiency, industry-leading digital programs, an engaged and growing Starbucks® Rewards membership base, game-changing product innovation, and a rapidly expanding global footprint. The company expects solid margin expansion in fiscal 2023 with progressively more expansion in fiscal 2024 and fiscal 2025. Non-GAAP EPS growth is expected to be in the range of 15% to 20% annually through fiscal 2025, representing an improvement from the previous range of 10% to 12%.

Starbucks plans to resume its share buyback program reinstituting a healthy return of shareholder capital, yielding an annual EPS benefit of approximately 1%, net of incremental interest, beginning in fiscal year 2024. Between dividends and share buybacks, the company expects to return approximately $20 billion to its shareholders in the next three years.

Centering the Partner Experience in a Thriving Network

Starbucks partners are at the core of the Reinvention plan, as the company recommits to investing in its partner base with a three-pronged model of support that empowers partners to thrive at work, thrive as individuals, and thrive together. Specifically, by investing in partners through recruiting, training, and onboarding, partners will be better empowered and equipped to deliver high-quality customer experiences, uplifting brand affinity and customer loyalty. This, in turn, enables increased value back to partners through wages, benefits, programming, and tools for continued personal growth, which are expected to increase retention and productivity.

For fiscal 2023, Starbucks has identified a number of near-term solutions that will be implemented to ensure a thriving partner experience:

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This important work is beginning with Starbucks over 9,000 U.S. company-operated stores. Starbucks then plans to rapidly implement the most effective and scalable best practices to its other U.S. and global stores.

Unlocking Experiential Convenience for Customers

As part of the Reinvention plan, Starbucks is unlocking the intersection of convenience and connection by introducing enhancements to the customer experience across retail and digital that meet customers wherever they are, expanding the Third Place experience beyond the physical store. As part of these efforts, Starbucks is investing in purpose-built store concepts, delivering beverage innovation, and expanding effortless digital convenience.

Investing in purpose-built store concepts: Starbucks is reimagining the store environment by introducing purpose-built store concepts that meet customers wherever and whenever they want and improve the partner experience. This includes investing an incremental $450M in the existing U.S. store base in fiscal year 2023 with continued investment in fiscal 2024 and 2025. Starbucks expects these investments will create efficiencies, unlock capacity for partners, and enable increased throughput to support increasing customer demand. &nbsp;

With new store economics expected to continue delivering 50% return on investment and 25% cash margin, Starbucks looks to accelerate U.S store growth to 3-4% annually.&nbsp; The company sees tremendous opportunity to further diversify and expand formats across cafes, pick up, delivery-only and drive-thru only locations. The diversified portfolio of stores and customer channels such as Mobile Order &amp; Pay will enable Starbucks to further meet its customers whenever and wherever they want. &nbsp;

Delivering beverage innovation: To improve partner and customer experiences, Starbucks has developed the Siren System, a proprietary new equipment innovation designed to meet the growing demand for customization of hot and cold beverages and warm foods. &nbsp;As part of the Siren System, Starbucks has redesigned its cold beverage station, which significantly reduces the time and number of steps to make cold beverages, unlocking productivity gains and ultimately freeing up time for partners to connect with customers. In addition, Starbucks is developing a new way of extracting cold coffee and espresso with the Cold Pressed Cold Brew system. This new, proprietary technology delivers cold press coffee in a matter of seconds and in fewer than four steps, a step-change improvement when compared to today’s cold brew which is steeped for 20 hours and takes more than 20 steps to make. The Cold Pressed Cold Brew will begin testing in stores in fiscal 2023.

Starbucks is also elevating the quality and craft of hot brewed coffee with the launch of Clover Vertica. Using proprietary Clover technology, Clover Vertica offers every customer a freshly ground, freshly brewed cup of hot coffee in just 30 seconds. Starbucks has already begun rolling out this equipment to stores and expects it will be fully deployed to all U.S. stores in the next three years.

Expanding effortless digital convenience: Today’s customers are increasingly prioritizing the effortless, experiential convenience and personalization enabled by Starbucks Rewards, Mobile Order &amp; Pay, and Starbucks Delivers. To make it even easier for customers to get Starbucks when and where they want, Starbucks is growing its Starbucks Delivers program in the U.S. with a new partnership with DoorDash, which will expand to a national scale alongside UberEats in fiscal 2023.

As previously announced, Starbucks is also evolving its Starbucks Rewards program with Starbucks Odyssey, a Web3-enabled experience that will bridge the physical and digital customer experience. Through Starbucks Odyssey, customers will unlock a new generation of experiential benefits – both digitally and in-person – and become a part of a digital community built on human connection.

Accelerating Starbucks Leadership Position in International

Starbucks International segment continues to accelerate growth for the company, with two-thirds of global retail growth over the next three years expected to come from its international business. Underpinning this strong foundation and ongoing momentum is the strength of the licensing model, acceleration of the digital Starbucks Experience, and the purpose-driven growth agenda in China.

Strength of the licensing model: Licensed stores represent more than 50% of the Starbucks International portfolio and are driving a significant portion of future growth through best-in-class operations experience, paired with unparalleled expertise in the markets they operate and the needs of their local customers. Under Starbucks licensing model, licensees are positioned as business partners, who not only operate stores but also invest in and drive innovation at the company – for example, through region-specific beverages – and growth in their markets and across the globe. The licensing model is a key competitive advantage and enabler for Starbucks, culminating in higher return on invested capital and positioning the company to realize the full potential of the brand. In total, Starbucks has over 17,000 licensed stores including 6,500 in the U.S.

Acceleration of the digital Starbucks Experience: While International is still in the early stages of digital expansion, Starbucks has the foundation in place to significantly accelerate growth with 28 million active Starbucks Rewards members internationally. Today, just over 10% of transactions in international licensed stores originate digitally. To accelerate the rollout of the digital Starbucks Experience around the world, Starbucks is unveiling Starbucks Digital Solutions, a platform created exclusively for our International markets to deliver a consistent digital experience for partners and customers in every location.

Purpose-driven growth agenda in China: Even as Starbucks second largest market, China’s coffee market is still in its early stages, and Starbucks is evolving its growth framework in the market to capture its full growth potential. Through the flywheel of continued store expansion, growth in omni-channel, ongoing digitization efforts, increased customer and partner engagement, and the extension of coffee craft and innovation leadership, Starbucks will drive meaningful growth in China, as sales are expected to nearly double over the next three years, while store count is expected to grow by 50%, reaching 9,000 stores.

Long Runway for Growth in At-Home and Ready-to-Drink

Through Starbucks leadership position in the at-home and ready-to-drink channels, the company reaches customers across every major coffee segment, providing an elevated experience wherever its customers are. Today, Starbucks serves 300 million consumer occasions per week across 86 markets in channels outside of its retail stores. Starbucks sees significant opportunity for further growth through portfolio expansion, innovation and leveraging Starbucks partnership expertise. In at-home coffee, Starbucks is expanding its reach with products that highlight its strengths in locally relevant ways, such as the recent launch of Starbucks super-premium mini cups in China, and the upcoming launch of Starbucks® Reserve on Nespresso Vertuo. Starbucks is also innovating and introducing new bold flavors and formats in ready-to-drink, entering the energy category with the launch of Starbucks Baya™ Energy and bringing the Starbucks® Pink Drink, inspired by a global customer favorite, to a convenient new ready-to-drink format.

A replay of the webcast and slides shown during the event’s presentations will be available on the&nbsp;<a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Finvestor.starbucks.com%2Fevents-and-presentations%2Fcurrent-and-past-events%2Fdefault.aspx&amp;esheet=52748568&amp;newsitemid=20220613005808&amp;lan=en-US&amp;anchor=Events+%26amp%3B+Presentations&amp;index=1&amp;md5=8a8881d61fc82bddf6563c5c4ba8fe25">Events &amp; Presentations</a>&nbsp;section of the company’s website&nbsp; on Wednesday, September 14, 2022.

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with nearly 35,000 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>.

Non-GAAP Financial Measures

Certain financial measures included in the release are not measures of financial performance under U.S. generally accepted accounting principles (“GAAP”). Certain non-GAAP measures such as earnings per share were not reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. All forward-looking non-GAAP measures may exclude estimates for acquisitions, divestitures, restructuring, and other items, which are fluid and unpredictable in nature. The company is unable to reconcile these forward-looking non-GAAP financial measures to the most directly comparable GAAP measures with sufficient precision without unreasonable efforts because the company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. The unavailable information could have a significant impact on the company’s GAAP financial results. References in the release are on a non-GAAP basis unless otherwise noted, or if there's no non-GAAP adjustment related to the metric.&nbsp;

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 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; expanding our licensing to Nestlé of our consumer packaged goods and Foodservice businesses and its effects on our Channel Development segment results; tax rates; business opportunities and expansion; 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 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.

“As we execute on our Reinvention plan, we are building on our 51-year history of market leading innovation to position our business and our brand for the next chapter of growth,” said Schultz.

Starbucks Enters New Era of Growth Driven by an Unparalleled Reinvention Plan

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‘I am thrilled to announce that we have identified an individual with the ideal background, knowledge, and demonstrated track record of living his values to lead Starbucks into the future,’ wrote Howard Schultz in a letter to Starbucks partners.

As you know, when I rejoined Starbucks in the spring it was with the goal of co-creating the future of the company with all of you and working with the Board of Directors to identify our next chief executive officer – a person with not only the skills and experience to guide the transformation of a global brand that touches the lives of more than 100 million customers but also understands that the core of the&nbsp;Starbucks Experience&nbsp;is our mission and the culture brought to life by 400,000 partners every day.&nbsp;

I am thrilled to announce that we have identified an individual with the ideal background, knowledge, and demonstrated track record of living his values to lead Starbucks into the future. On October 1st,&nbsp;Laxman Narasimhan&nbsp;will join us as the next chief executive officer of Starbucks.&nbsp;&nbsp;

Put simply, Laxman is steeped in humility with extraordinary executive and operational skills. &nbsp;&nbsp;

He is a&nbsp;strategic and transformational leader with deep experience in building powerful consumer brands, driving innovations that create loyalty and convenience for consumers, and working in partnership with employees to live up to their own full potential and fulfill a purpose. Over the course of his three-decade career in the retail and CPG industries, he has worked across the U.S., Europe, Latin America, Asia and Africa. And from the significant time that I, and others of us on the leadership team and Board have spent with him, we know that he is a world-class leader in every sense.

Of course, in taking on this role, Laxman has learned about the Reinvention plan in detail. And once he comes on board, he will immediately begin a full immersion into Starbucks as we accelerate our work to transform the company for the future. This will include spending time as a barista in our stores, meeting our partners around the world, visiting roasting plants, distribution centers and the farms where our coffee is grown, and more. This unique experience will position him to effectively bring his own perspectives to help build on and shape this work.&nbsp;

I am looking forward to introducing you all to Laxman and working closely with him as he listens, learns, and plans for the future of Starbucks for the benefit of our partners, customers, and communities. He is the leader we were looking for to lead Starbucks at this moment and for the future. Please join me in welcoming Laxman to Starbucks.&nbsp;

Message from Howard Schultz: Welcoming Laxman Narasimhan, our next ceo

I am thrilled to announce that we have identified an individual with the ideal background, knowledge, and demonstrated track record of living his values to lead Starbucks into the future.

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Howard Schultz will continue as interim ceo until April 1, 2023 and serve as an advisor to Narasimhan through calendar 2023 while remaining on Starbucks Board of Directors.

SEATTLE (September 1, 2022) – Starbucks (NASDAQ: SBUX) today announced that Laxman Narasimhan will become the company’s next chief executive officer and a member of the Starbucks Board of Directors. Narasimhan will join Starbucks as incoming ceo on October 1, 2022 after relocating from London to the Seattle area and will work closely with Howard Schultz, interim ceo, before assuming the ceo role and joining the Board on April 1, 2023.

Narasimhan brings nearly 30 years of experience leading and advising global consumer-facing brands. Known for his considerable operational expertise, he has a proven track record in developing purpose-led brands. Building on companies’ histories, he has succeeded in rallying talent to deliver on future ambitions by driving consumer-centric and digital innovations. Most recently, he served as chief executive officer of Reckitt, a FTSE-12 listed multinational consumer health, hygiene and nutrition company, where he led the company through a major strategic transformation and a return to sustainable growth.

“Laxman is an inspiring leader. His deep, hands-on experience driving strategic transformations at global consumer-facing businesses makes him the ideal choice to accelerate Starbucks growth and capture the opportunities ahead of us. His understanding of our culture and values, coupled with his expertise as a brand builder, innovation champion, and operational leader will be true differentiators as we position Starbucks for the next 50 years, generating value for all our stakeholders. On behalf of the entire Board, I am thrilled to welcome Laxman as Starbucks next ceo,” said Mellody Hobson, Independent Starbucks Board of Directors chair.

During the transition period, Narasimhan will be fully immersed in the company, spending time with Schultz and the management team, partners and customers and gaining in-depth exposure to the brand, company culture, and Reinvention plan. This will initially include Starbucks store immersions, visiting manufacturing plants and coffee farms, connecting with partners around the globe as well as Starbucks long term business partners.

Schultz will remain in the role of interim ceo during this transition period, following which he will continue as a member of the Starbucks Board of Directors. He will remain closely involved with the company’s Reinvention and act as an ongoing advisor to Narasimhan.

“When I learned about Laxman’s desire to relocate, it became apparent that he is the right leader to take Starbucks into its next chapter. He is uniquely positioned to shape this work and lead the company forward with his partner-centered approach and demonstrated track record of building capabilities and driving growth in both mature and emerging markets. As I have had the opportunity to get to know him, it has become clear that he shares our passion of investing in humanity and in our commitment to our partners, customers, and communities. The perspectives he brings will be a strong asset as we build on our heritage in this new era of greater well-being. I greatly look forward to our partnership over the coming months and years,” said Schultz.

“Starbucks commitment to uplift humanity through connection and compassion has long distinguished the company, building an unrivaled, globally admired brand that has transformed the way we connect over coffee. I am humbled to be joining this iconic company at such a pivotal time, as the Reinvention and investments in the partner and customer experiences position us to meet the changing demands we face today and set us up for an even stronger future,” said Narasimhan. “I look forward to working closely with Howard, the Board, and the entire leadership team – and to listening and learning from Starbucks partners – as we collectively build on this work to lead the company into its next chapter of growth and impact.”

Previously, Narasimhan held various leadership roles at PepsiCo, including as global chief commercial officer, where he was responsible for the company’s long-term strategy and digital capabilities. He also served as ceo of the company’s Latin America, Europe and Sub-Saharan Africa operations, and previously as the ceo of PepsiCo Latin America, and the cfo of PepsiCo Americas Foods. Prior to PepsiCo, Narasimhan was a senior partner at McKinsey &amp; Company, where he focused on its consumer, retail and technology practices in the U.S., Asia and India and led the firm’s thinking on the future of retail.

Narasimhan is also a trustee of the Brookings Institution, a member of the Council on Foreign Relations, served as a member of the UK Prime Minister's Build Back Better Council, and is a member of Verizon’s Board of Directors. He holds a degree in Mechanical Engineering from the College of Engineering, University of Pune, India. He has an MA in German and International Studies from The Lauder Institute at The University of Pennsylvania and an MBA in Finance from The Wharton School of The University of Pennsylvania.

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 34,000 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>.

A collage of images on the left, Starbucks store Pike Place Market, in the center Starbucks new ceo Laxman, on the right a coffee cup and two female partners smiling wearing

Howard Schultz will continue as interim ceo until April 1, 2023 and serve as an advisor to Narasimhan through calendar 2023 while remaining on Starbucks Board of Directors.

Starbucks Names Laxman Narasimhan as Next Chief Executive Officer

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In a letter to Starbucks partners, the chief executive officer thanks outgoing chief operating officer John Culver and looks ahead to leadership changes designed to speed the company’s reinvention

I’ve relied on John Culver’s steady hand and operational excellence through his 20-year career at Starbucks. As he sets to depart the company, I remain indebted to him for his great success in directly shaping and enhancing the brand across every business and market where we operate around the world. John has long been a champion of our partners and in building our next generation of great talent here at Starbucks. As a true servant leader, he has offered his continued advisory support to me and the leadership team through this transition, for which I am grateful.

Our Reinvention requires us to rethink our leadership structure to create every opportunity for our new ceo and, most importantly, to accelerate delivery of modernized and elevated experiences for our green apron partners and our customers.

As we speak to the external candidates in consideration for the ceo position, we’ve shared the Reinvention Plan and our aspirations for the future. The candidates are extremely excited and positive, and each is pleased to see we are investing ahead of the growth curve, and reimagining the partner, customer and store experience. Each leader in consideration sees the equity and power of the brand.

Our next ceo role will work side by side with the leaders of the day-to-day running of the business. Starting Oct. 3, the following partners will report to me as ceo for the interim, and will ultimately transition to our new ceo when that individual is fully in place:

In addition, the following functions, each critical to enabling our business and reinvention, will report to Frank Britt as of Aug. 22, in his expanded role of evp, Chief Strategy and Transformation Officer:

I am confident that with this next leadership team we are on an accelerated path to both grow and reinvent the company.&nbsp;

Thank you, John, for your 20 years of service to Starbucks, and for our enduring friendship. You are world class in all you do.

Howard Schultz with group of smiling Starbucks partners

In a letter to Starbucks partners, the chief executive officer thanks outgoing chief operating officer John Culver and looks ahead to leadership changes designed to speed the company’s reinvention.

Message from Howard Schultz: Gratitude, optimism as Starbucks announces leadership changes

Message from Howard Schultz: Gratitude, optimism as Starbucks announces leadership changes￼

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Following a string of mass shootings, Starbucks ceo Howard Schultz sat down with partners in Seattle to discuss the importance of well-being, community and the evolving Third Place.

On Tuesday afternoon, more than 1,400 Starbucks partners (employees) gathered online and on the 9th floor of the Seattle-based Support Center (SSC) to hear Colby and Nancy share their harrowing experiences managing stores in Uvalde, Texas, and Highland Park, Illinois, following mass shootings that devastated their tight-knit communities.

In his introductory remarks, Howard reflected on the time he had previously spent with the two store managers sitting across from him. Sensing the heavy emotions in the room, he acknowledged that gun violence and partner safety has been top-of-mind throughout the Starbucks community due to a string of “unseemly, horrific” tragedies unfolding across the country that reflect growing concerns over mental health and public safety.

“[We] went to Uvalde and went to Highland Park during the same week,” he said. “I don't think any of us knew what we were going to experience, but I must tell you that it just takes your breath away to walk the school at Robb Elementary in Uvalde and witness something that just doesn't seem possible.”

Nancy joined Starbucks three years ago and has since become the manager of the only store in Uvalde. Colby, the Higland Park lead, became store manager in December 2019. Howard described both – and their fellow partners – as “heroes among us” for their actions during and after the shootings in their respective cities.&nbsp;

During their hour-long fireside chat, the two relived the day their lives changed forever. Visibly emotional, they provided intimate details on where they were when they heard there was an active shooter situation.

In Colby’s case, his instincts as a new father kicked in. He made eye contact with as many people as he could, telling them: “Come inside, you’re safe here.” Panicked baristas and customers took cover in the back room and bathroom of the store for hours. To calm their nerves, he handed out water, coffee passports, and played the Encanto soundtrack for the kids.

Nancy’s vacation plans went out the door when she realized the gravity of the situation, too. She went back to her store and the team immediately activated by making thousands of cups of coffee for their grieving community. The store became a gathering place for customers and the swarm of media from around the world. Partners at other Starbucks locations came in to staff and provide relief to the Uvalde baristas. The team took turns handing out pastries and drinks at the local civic center – and supplying every single one of the victims’ funerals.

Eventually, both stores learned they had lost beloved customers, including children, to the violence. Colby and Nancy knew they also had to support the well-being of their partners and community members. They started the long journey by leaning on mental health resources available through company benefits, including Lyra.

In Uvalde, mental health counseling was extended to the community.

“This customer that I did not know came in and shared with me that her sister-in-law was able to take advantage of being able to have a counseling session – and that actually saved her life,” Nancy recalled. “What we do matters. This is an extreme case, but there is so much connection and things that we can do as partners to make a positive difference.”

On July 11, Howard provided detailed plans for the Reinvention of the company, sharing <a href="https://stories.starbucks.com/stories/2022/a-message-from-howard-schultz-the-next-chapter-of-starbucks-reinvention/">foundational principles</a> for helping partners thrive, including: creating safe and welcoming stores, investing in advancement and opportunities, ensuring they have a voice and being an active participant in the well-being of themselves, their family and their community. In this moment, the importance of those principles could not have been clearer.

“The first thing we can do is elevate the importance of mental health throughout the country, and for Starbucks to take an active role in trying to be a catalyst for access to mental health,” said Schultz. “My primary concern sitting here today is for the health and safety of every Starbucks partner around the world in 35,000 stores.”

Below is a photo essay highlighting the 60-minute conversation and Q&amp;A session:

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More than 1,400 partners congregated online and at the Starbucks Support Center 9th floor, and after a coffee tasting of Yukon Blend – which started in 1971 as a blend made for a sea captain and original customer – listened to the courageous stories of Nancy, Colby and their partners.

“In both cases, I think we left Uvalde and left Highland Park with such a deep level of respect for Nancy and her partners and Colby and his partners,” said Schultz during the 60-minute conversation. “And despite the excruciating pain and suffering that both communities are continuing to go through, the Third Place experience and what Starbucks provides is still providing comfort to those communities.”

As part of the fireside chat, both Nancy and Colby received the Spirit of Starbucks award for exemplifying all the qualities that make wearing the green apron so special.

“I love my customers and anybody that comes in,” said Nancy, a three-year partner and store manager for Starbucks in Uvalde. During one of the team’s first donation drop-offs at the civic center on the day of the tragedy, she saw one of their regular customers standing outside with his family, awaiting word of his daughter’s fate. She wasn’t sure how to react. “I tried not to impose in their space, especially in this situation. So, my shift supervisor, who's young but very wise, said, ‘Are you going tell him hi? Are you going to tell him something?’ I thought, I don't want to bother him. She reminded me the relationship we have is so much more than him just getting his coffee in the morning or bringing in his family [to the store].”&nbsp;

“We talk about <a href="https://stories.starbucks.com/press/2015/starbucks-mission-and-values/">one cup</a> a lot, and I knew what that meant,” said Colby, store manager at the Starbucks in Highland Park, IL. “But the next day, when you're in your lobby and you're having these really hard conversations and you're holding a warm cup of coffee, you realize that warmth sometimes really helps you open up and sit down and just be okay, just be comfortable.”

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Colby, Nancy and Howard sitting together in front of Starbucks partners

Following a string of mass shootings, Starbucks ceo Howard Schultz sat down with partners in Seattle to discuss the importance of well-being, community and the evolving Third Place.

Starbucks store managers from Uvalde, Highland Park share stories of courage

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In a letter to Starbucks partners, chief executive officer Howard Schultz shared a set of principles and a new partnership for the reinvention of the next chapter of the company.&nbsp;

The state of the world, the conditions of our stores and communities, and the hopes and dreams and lives of each of our partners are top of mind as I write you this morning. Since my return in April, I have been learning so much through open, honest and often vulnerable conversations and collaboration sessions across stores, manufacturing plants and in the Starbucks Support Center.

It’s clear we’re living in a changing world where economic, societal and operational pressures are colliding. We’re seeing unprecedented cultural division and economic trauma – all while navigating a pandemic, and it seems as though every day there is a new crisis to address.

All of this affects our partners. All of this affects Starbucks as a company. And all of this deeply affects millions of customers who visit our stores every day. Our stores serve as windows into America and through them we see the magnitude of the hardships and the ways in which people’s needs are changing.

It has long been my deep belief that together we can – and do – play an important part in creating positive change, for partners and our communities. However, like so much of the world right now, the Starbucks business as it is built today is not set up to fully satisfy the evolving behaviors, needs and expectations of our partners or customers. It is not designed for the future we aspire to for ourselves and the communities in which we serve.

Today, we find ourselves in a position where we must modernize and transform the Starbucks experience in our stores and recreate an environment that is relevant, welcoming and safe, and where we uplift one another with dignity, respect and kindness. We need to reinvent Starbucks for the future. And to be successful, it will take our collective courage to begin again.&nbsp;

We are now laying the foundation for the next Starbucks – a company even more true to our shared mission: To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time.

Many teams are already hard at work to build this next Starbucks. We have started gathering over the last weeks to galvanize around significant reinvention efforts designed to improve the experience of partners and customers and tuned to the health of our communities and our business.

Our Reinvention plan begins with five Bold Moves. We will:

Re-envision how we bring our mission to life.

Renew the well-being of retail partners by radically improving their experience.

Reimagine our store experience for greater connection, ease and a planet positive impact.

Reconnect with our customers by delivering memorable and personalized moments.

Redesign partnership by creating new ways to thrive together.

We will unveil specific programs and initiatives to deliver upon this set of Bold Moves in the weeks ahead.

The additional work required will take shape over time and continue be created together – across our stores, our roasting plants and the Starbucks Support Center – between each of us and also with the customers and stakeholders we serve. &nbsp;

Today, I want to share a preview of how we are thinking about the redesigning of partnership at Starbucks – a partnership where we each have voice and agency in bringing forward perspectives and ideas, and shared accountability for our actions and impact.

Our partners’ own stories, experiences and ideas as shared through collaboration sessions, surveys, open forums and direct conversations with their leaders have inspired a set of principles for a new partnership at Starbucks. These are the principles that will guide us forward:

Each of us has an ability each day to put these principles into practice. And we will use the weeks ahead to provide you with greater clarity around the existing and new resources and programs available to you and your leaders for support.

Partners, we have created a great and enduring company that has overcome many challenges over the last 50 years. This rich history is built with a long line of partners who have dared to make Starbucks a different kind of company. With each era, we each make our contribution.&nbsp;

The work of our Reinvention is ongoing – and all Starbucks partners who believe in our purpose and potential as a company can make a significant contribution in building our path forward.&nbsp;&nbsp;

Smiling barista waves from behind the bar

In a letter to Starbucks partners, chief executive officer Howard Schultz shared a set of principles and a new partnership for the reinvention of the next chapter of the company. 

A message from Howard Schultz: The next chapter of Starbucks Reinvention

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Board reiterates plans of driving toward naming new leader in fall

Howard Schultz remaining as interim CEO through calendar Q1 2023 to ensure smooth transition

SEATTLE – Starbucks Corporation (NASDAQ: SBUX) Board of Directors today provided an update to affirm the search details for the Company’s next chief executive officer. As stated on the Company’s quarterly <a href="https://s22.q4cdn.com/869488222/files/doc_financials/2022/q2/SBUX-Corrected-Transcript-5.4.2022.pdf">Earnings call</a> last month, the Board’s ceo search continues to be on track to identify a successor ceo in the coming months, and the Board has agreed with Schultz that he will remain as interim ceo through the first fiscal quarter of 2023. This timeline provides the company the ideal runway for a seamless transition and continuity of leadership through the 2022 holiday season, as the business transformation continues.

Since returning as interim ceo on April 4, Schultz has engaged deeply with partners (employees) of all levels of the company, working directly with the leadership team to shape a strategic plan for the future of a reimagined Starbucks Coffee Company. The reinvention plan is being designed through co-creation across the organization with a focus on exceeding the expectations of both partners and customers.

As the next chief executive is named to the position, he or she will undergo full immersion into the Company, collaborating with Schultz directly. Driving toward an announcement this fall, the official handoff will take place in the first calendar quarter of 2023. Thereafter, Schultz will remain on the Starbucks Board.

Forward-Looking Statements Certain statements contained herein are “forward-looking” statements within the meaning of the applicable securities laws and regulations. &nbsp;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,” “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 include statements relating to trends in or expectations relating to the effects of our existing and any future initiatives, strategies, investments and plans, 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; the conversion of several market operations to fully licensed models; our plans for streamlining our operations, including store openings, closures and changes in store formats and models; expanding our licensing to Nestlé of our consumer packaged goods and Foodservice businesses

The Board’s ceo search continues to be on track to identify a successor ceo in the coming months, and the Board has agreed with Schultz that he will remain as interim ceo through the first fiscal quarter of 2023. 

Starbucks Board of Directors Affirms CEO Transition Details

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This week, Starbucks announced <a href="https://stories.starbucks.com/stories/2022/highlights-from-starbucks-1-billion-partner-store-investments-and-the-story-behind-them/">a series of new investments</a> in partners including the return of Coffee Master training and black aprons, increased pay for U.S. store partners, a new Starbucks partner app, increased training time and more. &nbsp;

The investments were inspired by partner feedback through surveys, internal channels like Workplace and the Partner Hub, as well as 30 collaboration sessions held with retail partners and Starbucks leaders over the last month, where partners shared ideas on what they wanted the next chapter of Starbucks to be. This is the start of a new partnership to create the company’s future together.

On Wednesday, Howard Schultz, Starbucks chief executive officer, and other leaders spoke to nearly 9,000 partners virtually and in person during an open forum to talk about the new investments and the path ahead.

“Let's bring back the moments that are joyful,” said Schultz. “Let's remind people of who we are, who we have been, and who we will be again. And so, the investments we're going to make in the company are historic.”

Howard Schultz

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Starbucks Convenes 2,000 Retail Leaders from Across U.S. and Canada to Enable Leadership Excellence as Company Reinvents for the Future

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Message from Howard Schultz: Welcoming Laxman Narasimhan, our next ceo

Starbucks Names Laxman Narasimhan as Next Chief Executive Officer

Message from Howard Schultz: Gratitude, optimism as Starbucks announces leadership changes

Starbucks store managers from Uvalde, Highland Park share stories of courage

A message from Howard Schultz: The next chapter of Starbucks Reinvention

Starbucks Board of Directors Affirms CEO Transition Details

‘A historic moment’: U.S. store partners at Starbucks respond to raises, new investments

Highlights from Starbucks $1 billion partner store investments and the story behind them

Howard Schultz

‘You are the future of Starbucks’: Howard Schultz’ letter to leaders as he steps down

Message to Starbucks China Partners: Sending love and good wishes for a prosperous Chinese New Year

Starbucks Convenes 2,000 Retail Leaders from Across U.S. and Canada to Enable Leadership Excellence as Company Reinvents for the Future

Starbucks Enters New Era of Growth Driven by an Unparalleled Reinvention Plan

Message from Howard Schultz: Welcoming Laxman Narasimhan, our next ceo

Starbucks Names Laxman Narasimhan as Next Chief Executive Officer

Message from Howard Schultz: Gratitude, optimism as Starbucks announces leadership changes￼

Starbucks store managers from Uvalde, Highland Park share stories of courage

A message from Howard Schultz: The next chapter of Starbucks Reinvention

Starbucks Board of Directors Affirms CEO Transition Details

‘A historic moment’: U.S. store partners at Starbucks respond to raises, new investments

Highlights from Starbucks $1 billion partner store investments and the story behind them

Message from Howard Schultz: Gratitude, optimism as Starbucks announces leadership changes