US coffee shop chain Starbucks has announced that effective 31 March 2005, Orin Smith will retire from his position as Starbucks president and chief executive officer.
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Smith will be succeeded by Jim Donald, Starbucks president, North America, who will be promoted to president and chief executive officer on 31 March 2005 and will serve in the role of CEO designate until that time.
Additionally, Jim Alling, executive vice president, Business and Operations, USA, has been promoted to the newly-created position of president, Starbucks Coffee US, effective immediately.
When Smith joined Starbucks in 1990, the company had 45 stores in two countries and revenues of $19m. During Smith’s five years as CEO, Starbucks’ store count has increased from around 2,500 to more than 8,500 and annual total net revenues have increased from $1.7bn at fiscal year end 1999 to more than $5bn in annual total net revenues today.
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