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Starbucks confirms retirement of historic advisor, hires former Alibaba executive



Starbucks currently has more than 36,000 stores in 86 markets around the world. The company’s stock price, which went public on the stock market in 1992, has increased 360 times since then.

american coffee chain Starbucks announced that Howard Schultz, who served as its CEO for decades, will step down from its board of directors and Wei Jiang will join its board of directors, effective October 1. Former president of Alibaba Pictures and current member of fashion brand Ralph Lauren’s board of directors.

Schultz, who is considered the founder of modern Starbucks and president emeritus of the chain, stepped down as CEO on March 20, nine days before taking over, “as part of a planned transition.” He resigned from his position on the board of directors.U.S. Senate Committee Testifies on: They argued that multinational corporations were creating obstacles for employees to form unions.

Since joining the company in 1982, Mr. Schultz, who just turned 70, has led Starbucks’ transformation from a small company selling coffee beans to a giant coffee chain. Over 36,000 stores in 86 markets worldwide And the stock, which debuted on the stock market on June 26, 1992, has since increased in price 360 ​​times to $96.93 per share at yesterday’s closing price.

Along with Schultz’s departure, Starbucks also announced that it has signed on Wei Zhang as a member of its board of directors, effective October 1.

Mr. Zhang, who joined Ralph Lauren’s board of directors in November last year, He worked for Chinese e-commerce group Alibaba from 2008 to 2022, holding various senior positions.

From 2015 to last year, Zhang served as president of Alibaba Pictures, a subsidiary of a Chinese film production group.

Before joining Alibaba, Wei Zhang worked at News Corp China, CNBC China, Bain & Company, and General Electric. He is also a member of the Los Angeles Sports and Entertainment Commission, Amblin Partners, and the Jack Ma Foundation, among others.

Source: Biobiochile

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