USA – Starbucks Corporation, an American coffee company and coffeehouse chain, has announced that that Scott Maw, executive vice president and chief financial officer, is retiring effective Nov. 30, 2018.
According to the company, it has already launched an external search for a new CFO.
After his retirement, Maw will continue to support the transition in a senior consultant role through March 2019.
“I am grateful for the contributions Scott has made over the past seven years that led to the unprecedented growth of Starbucks,” said Kevin Johnson, Starbucks president and chief executive officer.
“As we enter our next phase of continued growth, I am confident in the finance team Scott has developed and am appreciative of his willingness to support through the transition into new leadership.”
Maw joined Starbucks as global controller in 2011. Prior to his role as CFO, he served as senior vice president of Corporate Finance where he was responsible for corporate finance, including accounting, tax and treasury.
“I am proud to have been part of such a special company and to have experienced Starbucks remarkable growth and expansion during my seven years here,” said Maw.
“I have the utmost confidence in Starbucks leadership team and Kevin’s ability to drive continued growth and success in the future.”
The company has also introduced Teavana packaged tea where groceries are sold.
The expansion into grocery stores builds upon the success of the Teavana brand in Starbucks stores and allows consumers to bring the vibrant flavor experience of their favorite Teavana blends home.
Teavana and Refreshment at U.S. company-operated Starbucks stores grew 14 percent, fiscal 2018 year-to-date.
“The launch of Teavana packaged tea in grocery is just the beginning of the journey to bring consumers some of their Teavana favorites in a new, accessible format where they purchase their groceries,” said John Culver, group president, International, Channel Development, and Global Coffee & Tea.
“Since our acquisition of Teavana five years ago, we have continued to innovate within the tea category and build distribution outside of Starbucks stores,” said Culver.
“We remain committed to executing our plan to increase our tea business to US$3 billion over the next five years through Starbucks global retail, packaged tea, and ready-to-drink premium Teavana Craft Iced Teas.”