LONDON, UK / ACCESSWIRE / October 20, 2016 / Starbucks Coffee Company (NASDAQ: SBUX) announced on October 19, 2016 that the current President of Starbucks China has been promoted to the position of Chief Executive Officer. In her new role she will continue to report to John Culver, group president, Starbucks Global Retail. Her priority will be to realise Starbucks' goal of operating 5,000 stores in China by 2021.
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Starbucks also announced the promotion of Leo Tsoi as the Chief Operating Officer, who is the current Vice President of Store Development and Design, Starbucks China. Both incumbents will take charge immediately.
Commenting on Belinda's promotion, John Culver, group president, Starbucks Global Retail said, "Belinda embodies our mission and values as a company, and her promotion will help further propel Starbucks efforts in building the partner and customer experience for the China market over the long-term."
About Belinda Wong
In her new role as CEO, Belinda will be focusing on strategy for overall long – term growth as well as exploiting the digital and e-commerce opportunities. She will also be overseeing the opening of the first international Starbucks Reserve™ Roastery in Shanghai in 2017. The Roastery will bring a coffee retail experience, combining roasting, manufacturing, education and retail within a single facility to China.
Belinda's elevation as CEO is a natural progression. Belinda has been instrumental in carving the success story of Starbucks in China since she joined Starbucks in January 2000. She has been behind the unpreceded growth of Starbucks in China with 400 stores in 2011 to over 2,300 stores today. Belinda has held numerous leadership positions across Starbucks China and Asia Pacific region. During her tenure as President she had opened four unique flagship stores that offered the "Starbucks Experience" whereby the customers could enjoy the passion for coffee as well as appreciate the craftsmanship of baristas.
Belinda has been listed as one of the 50 people shaping the future of the U.S. and China relationship by Foreign Policy, and the Top 100 Chinese Business Women by Forbes China in 2015. She has also been one of the top 25 on Fortune China's prestigious annual list of China's most influential businesswomen.
About Leo Tsoi
In his new role as COO, Leo shall be responsible for scaling up establishment of the number of Starbucks stores transform the infrastructure in the market, implement key operational systems and customize product offerings to suit local tastes thereby improving customer experience.
Leo Tsoi joined Starbucks China in 2012 and has helmed various marketing initiatives as Chief Marketing Officer and Vice President, North China and contributed vastly in establishing Starbucks as a market leader. During his tenure as Vice President, Store Development and Design, he and his team managed to establish 550 new stores which included flagship stores, high profile coffee-forward stores, and Starbucks Reserve™ bars and Pour Over bars.
Starbucks places huge bet on China
China is the largest market for Starbucks today and despite concerns with regards to the Chinese economy, it is bullish. Starbucks is going all guns blazing to increase its presence in China and the top management is all out to woo the powers to be in China. On October 19, 2016, Starbucks Chairman and CEO Howard Schultz met the Shanghai Party Secretary Mr. Han Zheng to express his gratitude for the government's support of Starbucks in China. The meeting is important given that Han Zheng, has served as Mayor of Shanghai between 2003 and 2012. In November 2012 he was promoted to become the Party Secretary of Shanghai and elected into the Politburo of CPC. Howard Schultz also met with Mr. An Lusheng, Party Secretary of Jing'an District of Shanghai.
Stock Performance:
Investors had good news to cheer with Starbucks placing huge bets on its Chinese foray, which reflected on the positive movement of the stock. The stock was up by 1.03% and closed at $53.15 on October 19, 2016. A total of 9.08 million of company shares were exchanged during the day. On a year-to-date basis, the stock has fallen 10.55%, while it is down 0.28% in the last one month.
Source:
https://news.starbucks.com/news/starbucks-elevates-belinda-wong-to-ceo-starbucks-china
http://finance.yahoo.com/news/starbucks-elevates-belinda-wong-chief-081000325.html
http://www.wsj.com/articles/starbucks-promotes-belinda-wong-to-head-china-operations-1476864600
http://fortune.com/2016/10/19/starbucks-china-ceo/
http://www.usnews.com/news/world/articles/2016-10-19/starbucks-to-double-china-locations-by-2021
http://www.reuters.com/article/idUSFWN1CP08A
http://elite.finviz.com/quote.ashx?t=sbux&ty=c&ta=1&p=d
SOURCE: Active Wall Street
ReleaseID: 447416
