Starbucks Names Company Veteran John Culver As COO, Replacing Roz Brewer

Starbucks Corp (NASDAQ: SBUX) on Tuesday named company veteran John Culver as its new chief operating officer replacing Roz Brewer, who left the company in January to become CEO of Walgreens Boots Alliance Inc (NASDAQ: WBA).

What Happened: Culver, who has been with the coffee chain since 2002, also takes up the charge as North American Group President, the company said in a statement. Prior to this, he was leading Starbucks International for the last 15 years.

The Seattle-based coffee chain also promoted Michael Conway as group president of international and channel development. Michelle Burns, a 26-year veteran at the company, has been promoted to executive vice president role for global coffee, tea and cocoa.

The promotions go into effect June 28.

See Also: Starbucks Is Seeing More Demand For Oat Milk Than It Can Meet

Why It Matters: The company has been finding it tough to draw customers for over a year due to the global pandemic which has kept consumers indoors, forcing Starbucks to innovate. In April, Starbucks reported an 11% rise in second-quarter revenue and raised its 2021 revenue forecast to between $28.5 billion and $29.3 billion. It expects adjusted earnings per share between $2.90 and $3. 

Price Action: Starbucks shares closed 0.50% lower at $111.89 on Tuesday.

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