Starbucks (SBUX, Financial) is experiencing notable leadership shifts as Kendra Russell, the company's North American Chief Marketing Officer, has departed. This change comes under the guidance of the newly appointed CEO, Brian Niccol. Russell, who has been with Starbucks for nearly eight years, transitioned into a new role earlier this year. Her departure marks another significant restructuring by Niccol to boost sales and streamline operations.
Part of this restructuring involves the removal of a managerial layer between Niccol and North American President Sara Trilling, who will now report directly to Niccol. To further enhance the company's branding efforts, Niccol has brought on Tracy Lieberman as Chief Brand Officer. Lieberman, a former executive at Chipotle Mexican Grill Inc., where Niccol also formerly served as CEO, will oversee multiple departments, including marketing, product development, digital, creative, and analytics. Niccol has previously managed Taco Bell under Yum! Brands Inc.
In addition to changes in North America, Niccol has appointed Molly Liu as the sole head of Starbucks' China operations. This adjustment is part of a planned leadership transition. Liu, who was named Co-CEO last year alongside Belinda Wong, will now steer the company's strategies in China, while Wong continues as Chairwoman, focusing on innovation and development strategies.
Since Niccol's appointment as CEO and Chairman of the Board, he has wielded more power than his predecessors, leading to high expectations among investors. Following his announcement as CEO, Starbucks' stock has risen 26%, outpacing the S&P 500's 6.8% increase in the same period. Niccol's leadership aims to drive global growth and innovation at Starbucks.
