Starbucks CFO Scott Maw to retire
Starbucks has announced that Chief Financial Officer Scott Maw is to retire in November, sending shares at the world’s largest coffee shop chain down 2.6% on Thursday.
Maw’s departure comes four years after he accepted the role as CFO.
He joined Starbucks as global controller in 2010 and prior to his role as CFO, he served as senior vice president of Corporate Finance.
The coffee giant says that it has launched an external search for a new CFO.
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“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 announcement is the second high-profile departure Starbucks has announced in recent weeks.
Earlier this month, the coffee chain announced that Executive Chairman Howard Schultz would step down from the company.
“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,” Starbucks CEO Kevin Johnson said in a statement.
Starbucks reported strong sales growth exceeding analyst earnings estimates during the first half of Maw’s tenure.
However, the coffee chain has recently struggled with a dip in afternoon sales and a decline in its signature Frappuccino line, with the company's chief executive calling its performance “not acceptable.”