Industry News | November 7, 2008

Starbucks Replaces Finance Exec

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Starbucks Corporation's (NASDAQ: SBUX - News) Troy Alstead, senior vice president, Global Finance will succeed current CFO Pete Bocian at the end of the month. Bocian is leaving the company to join Hewlett-Packard, as chief administrative officer.

Howard Schultz, chairman, president and CEO of the company, says, “On behalf of Starbucks board and leadership team, I would like to thank Pete for his contributions over the past year. His guidance was instrumental as we developed our plan to transform Starbucks to position the company for long-term growth. He leaves us with a stronger finance discipline as we have re-architected the cost structure of the company. While we will miss him, we wish him all the best as he returns to the technology sector.”

“We are extremely pleased to welcome Troy to his new role,” Schultz continues. “During his 16-year tenure at Starbucks, he has had a series of high profile finance jobs within the company, demonstrating a keen understanding of our business, most recently leading efforts to restructure our U.S. operations. I can think of no one better suited to lead the finance organization as we continue to implement our transformation strategy in FY2009 and beyond.”

Bocian adds, “I’m proud to leave Starbucks better positioned in terms of the store portfolio, cost structure and operational efficiency. Troy and I have worked side-by-side throughout my tenure at Starbucks, and I’m confident he will provide the right leadership for the company today and into the future.”

Alstead, 45, has been a Starbucks partner (employee) since 1992, and has held numerous leadership roles in the company, including senior vice president, Global Finance. He was one of the original members of the Starbucks International team, and was responsible for financial leadership as well as strategic planning and business development for the fast-growing international business. In addition to his numerous roles in finance, Alstead has held general management and operating roles during his Starbucks career, including in the Europe/Middle East/Africa region, Greater China, and the international business overall. Most recently, he has played a role in restructuring the U.S. business. Prior to Starbucks, Alstead held domestic and international finance, accounting and auditing positions with NCR Corporation and Egghead Software. He has a B.A. in Business Administration from the University of Washington and resides with his family in Gig Harbor, Washington.

“I am tremendously excited about taking on this new role,” says Alstead. “In my 16 years with the company, we have experienced unprecedented growth. As we begin our fiscal 2009, we have a unique opportunity to leverage what we have built to extend our leadership position around the world.”