Starbucks CFO Troy Alstead has been promoted to become the company's chief operating officer, a new position, in a move meant to place more emphasis on the coffee company's digital and mobile plans.
Starbucks is also promoting Scott Maw, senior vice president of corporate finance, to executive vice president and chief financial officer. Craig Russell, described in a press release as Starbucks' "voice and advocate for coffee," was promoted to executive vice president of global coffee. These changes will become effective Feb. 3.
"Each of these experienced Starbucks leaders will partner with me as I focus on Starbucks mission, growth initiatives and the convergence and integration of our retail and e-commerce, digital, card and mobile assets around the world," says Howard Schultz, Starbucks' chairman, president and CEO, in a Jan. 29 press release.
Starbucks is a pioneer in mobile payments and has consistently reported momentum in getting its customers to use their phones to make purchases in its stores. Nearly 10 million Starbucks customers use its mobile app to make payments, totaling close to 5 million mobile payments a week, the company reported Jan. 23.. The company activated more than 40 million new Starbucks Cards, valued at more than $610 million in the U.S. and Canada, during the fourth quarter.
Alstead, who joined Starbucks in 1992, will oversee the company's day-to-day operations and will work with the company's group presidents, some of whom previously reported to Schultz. Maw, the new CFO, will also report to Alstead.