Starbucks Appoints New CFO, Reports 23.8% Profit Drop in Q1 2025 Amid 1,100 Layoffs

Starbucks Corp. has appointed a new Chief Financial Officer as part of a broader executive reshuffle aimed at revitalizing the company. The new CFO, a veteran retail executive, joins a C-suite team assembled by CEO Brian Niccol to address the company's challenges. In the wake of announcing 1,100 layoffs globally, CEO Brian Niccol has communicated a message of urgency and accountability to Starbucks' corporate employees. In Q1 2025, Starbucks reported a profit drop of 23.8% year-over-year. Niccol emphasized the need for the company to operate more efficiently and to foster a startup-like culture to improve performance. Starbucks is implementing strategic changes to recapture its core customer base and enhance its brand identity as a premium coffee provider and community gathering place. These efforts include simplifying the menu by cutting it by 30%, aiming to complete in-store orders within four minutes, and improving in-store experiences. Mobile orders now account for 31% of transactions, and the company has 34.6 million loyal members.