Coffeehouse giant Starbucks Corp (NASDAQ: SBUX) has made changes to create a clear geographic leadership structure supported by global functions.
The proposed changes will go into effect on April 1. Michael Conway has been appointed to the newly created role of Chief Executive Officer, North America.
Conway has been a Starbucks partner since 2013 and is most currently serving as group president, International and Channel Development.
Sara Trilling will remain executive vice president and president, North America, to boost the retail partner experience while growing the North America store portfolio and North America licensed store business, reporting to Conway.
Starbucks aims to have three out of four of the company's new store openings outside the U.S. and intends to grow to 55,000 stores globally.
Brady Brewer has been appointed ceo, Starbucks International with oversight of the teams across Asia Pacific, EMEA, Japan and LAC.
Belinda Wong, chairwoman and co-CEO and Molly Liu, co-CEO will both continue to lead Starbucks China team, reporting to the CEO Laxman Narasimhan.
Lyne Castonguay will join Starbucks in the newly created position of evp, chief merchant and product officer, reporting to Narasimhan.
The company added that it is planning to soon appoint a global brand creative leader, reporting to Narasimhan.
"To further accelerate progress, consistent with our ambitions, we are realigning the organization to balance clear geographical focus with investing in functional capabilities to scale around the world, generating productivity and reinvigorating our partner culture," said CEO Laxman Narasimhan.
Price Action: SBUX shares are trading higher by 0.80% at $91.74 on the last check Tuesday.