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| Version 1 | Version 2 |
|---|---|
| Starbucks sacks chief executive | Starbucks sacks chief executive |
| (about 2 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 announcement saw shares in the firm jump more than 10% in early Tuesday trading on Wall Street. | |
| The news 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 US sales have 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 | 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. |
| In morning trading in New York, Starbucks shares were up 10.3% to $20.28. |