Starbucks ( NASDAQ:SBUX )
According to S&P Global Market Intelligence data, Starbucks stock rose little in September. That occurred while the S&P 500 dropped by about 10% simultaneously. As a result of the company’s announcement of a new CEO and a strategy for reinvention, Starbucks’ stock price rose.
What’s the Reason?
Starbucks ( NASDAQ:SBUX ) has faced several difficulties due to fluctuating customer preferences and the worldwide economic downturn. After guiding the firm through early epidemic challenges, CEO Kevin Johnson resigned this year, and former CEO Howard Schultz took over as interim CEO.
At the start of September, Starbucks stock officially appointed Laxman Narasimhan to the position of chief executive officer. He is a seasoned consumer product executive, having worked previously for PepsiCo and most recently for Reckitt Benckiser Group.
In the wake of such news, Starbucks ( NASDAQ:SBUX ) declared the beginning of a transformation strategy. Schultz’s major takeaway from months of research was that the company’s prior approach of positioning its coffee shops as a “third location” for people to congregate outside of the house and workplace was failing in today’s digital era. Starbucks’ new approach will shift away from its traditional format of big, open cafes and instead emphasize the company’...
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