SBUX Starbucks announces strategic initiatives to increase shareholder value and Chairman Howard Schultz returns as CEO; conference call today at 5:30

Monday, January 7, 2008

SBUX Starbucks announces strategic initiatives to increase shareholder value and Chairman Howard Schultz returns as CEO; conference call today at 5:30pm ET (19.25 +0.27) -Update-

Co announcea a series of initiatives aimed at driving shareholder value by refocusing the co on providing customers with the distinctive Starbucks Experience and building on Starbucks legacy of innovation. To accomplish this objective, the Board has appointed Howard Schultz, chairman, to take on the additional role of chief executive officer, effective immediately, replacing Jim Donald, who is leaving the Company. Schultz served as chief executive officer of the co from 1987 to 2000. Schultz stated that his agenda will include: improving the current state of the U.S. business by refocusing on the customer experience, slowing the co's pace of U.S. store openings and closing a number of underperforming U.S. store locations, re-aligning Starbucks organization and streamlining the mgmt and accelerating expansion and increasing the profitability of Starbucks outside the U.S. Co plans to hold conference call today at 5:30 pm EST