Starbucks Promotes Molly Liu To Co-CEO Of China Business

Coffee giant Starbucks Corp SBUX has promoted Molly Liu to executive vice president and co-chief executive officer of Starbucks China, effective October 2, 2023.

Liu has served as Starbucks China's chief operating officer since 2021 and had previously served as the company's vice president of Digital Ventures.

As head of the Digital Ventures organization, she set the foundation for the company's digital flywheel in the market with the launch of 'Starbucks Delivers' and 'Starbucks Now' digital ordering services, which constituted 48% of total China sales in Q3 FY23.

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"There remains tremendous opportunity for Starbucks in China, and I'm confident that together, Belinda and Molly, will lead Starbucks through our next chapter, while living our Mission and Values," said CEO Laxman Narasimhan.

Belinda Wong will continue to serve as chairwoman and CEO of Starbucks China.

The company aims to operate 9,000 stores across 300 Chinese cities by 2025 and create more than 10,000 additional jobs annually.

Also Read: If You Invested $1,000 In Starbucks Stock When The Pumpkin Spice Latte Was Introduced, Here's How Much You'd Have Today

Price Action: SBUX shares are trading higher by 0.07% at $96.30 in premarket on the last check Monday.