Originally published January 7, 2008 at 12:00 AM | Page modified January 7, 2008 at 7:18 PM

Starbucks brings back Schultz to replace CEO

Starbucks Corp. said Monday it is bringing its chairman and former chief executive, Howard Schultz, back to lead a major restructuring initiative...

The Associated Press

PREV of NEXT

Howard Schultz is returning as CEO of Starbucks.

Former Starbucks CEO, Jim Donald.

SEATTLE — Starbucks Corp. said Monday it is bringing its chairman and former chief executive, Howard Schultz, back to lead a major restructuring initiative, replacing CEO Jim Donald.

Starbucks said the leadership shuffle is part of a series of initiatives to increase shareholder value, which also include closing underperforming U.S. stores and slowing the pace of store openings.

Schultz said he is returning to the CEO role "for the long term." The incoming CEO said his agenda will also include streamlining the company's management and accelerating expansion outside the U.S.

Schultz previously served as CEO from 1987 to 2000.

The coffee chain has slipped recently as consumers have restricted spending due to declining home values and higher fuel prices. Meanwhile, competitors like Dunkin' Donuts and McDonald's Corp. have cut into Starbucks' customer base by launching their own lines of gourmet coffee.

More Business & Technology headlines...

E-mail article Print view Share: Digg Newsvine

More Business & Technology

Facebook's future: Web 3.0?

Tech execs double as scourges and sages at Allen & Co.'s media summit

Brier Dudley: Brier Dudley | Learning hard lessons from Boeing giveaways

Symantec, McAfee add firepower to market-share war

Interface: UIEvolution helps content providers get mobile

Advertising

Video

2009 fireworks time lapse
With strict parking rules enforced at this year's July 4th celebration on Wallingford Ave North, less cars and more spectators filled the streets.