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Starbucks sacks chief executive | Starbucks sacks chief executive |
(about 7 hours later) | |
Starbucks has sacked its chief executive Jim Donald and handed the reins back to its chairman and former chief executive, Howard Schultz. | Starbucks has sacked its chief executive Jim Donald and handed the reins back to its chairman and former chief executive, Howard Schultz. |
The move is part of the coffee giant's plans to lift its fortunes, which also includes closing some US stores and slowing the pace of opening new ones. | The move is part of the coffee giant's plans to lift its fortunes, which also includes closing some US stores and slowing the pace of opening new ones. |
Starbucks shares have fallen 50% in the past year as its domestic business in the US has slowed. | Starbucks shares have fallen 50% in the past year as its domestic business in the US has slowed. |
It will give more details of its plans when it reports results on 30 January. | It will give more details of its plans when it reports results on 30 January. |
Mr Schultz previously served as chief executive from 1987 to 2000 | |
Other initiatives will include new products and store designs and improved staff training. | Other initiatives will include new products and store designs and improved staff training. |
Starbucks also plans to take some of the money it was going to spend on opening new stores in the US and spend it on opening stores elsewhere. | Starbucks also plans to take some of the money it was going to spend on opening new stores in the US and spend it on opening stores elsewhere. |
Starbucks has been struggling in the US as consumers hit by the slowdown have cut back their spending on expensive coffee. | Starbucks has been struggling in the US as consumers hit by the slowdown have cut back their spending on expensive coffee. |
There has also been increased competition with the likes of Dunkin' Donuts and McDonald's introducing their own lines of gourmet coffee. | There has also been increased competition with the likes of Dunkin' Donuts and McDonald's introducing their own lines of gourmet coffee. |