Starbucks Founder, Former CEO To Leave Company Immediately; Former Alibaba Exec Joins Board
Portfolio Pulse from AJ Fabino
Starbucks Corp (NASDAQ:SBUX) announced that its founder and former CEO, Howard Schultz, is leaving the board immediately. The company also elected former Alibaba Holding Group (NYSE:BABA) senior advisor and president of Alibaba Pictures Group, Wei Zhang, to its board, effective Oct. 1. Zhang also holds leadership roles at News Corp China, CNBC China, Bain & Company, and General Electric Co (NYSE:GM), and sits on Ralph Lauren Corp’s (NYSE:RL) board. Starbucks shares traded 0.765% lower to $96.30 in Wednesday's after-hours session.
September 13, 2023 | 8:40 pm
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NEGATIVE IMPACT
Starbucks founder and former CEO, Howard Schultz, is leaving the board immediately. This news led to a slight decrease in Starbucks' share price.
The departure of a key figure like Howard Schultz can create uncertainty among investors, which can negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
Former Alibaba senior advisor, Wei Zhang, has been elected to the Starbucks board.
While this news shows the continued influence of Alibaba executives in global businesses, it's unlikely to have a significant direct impact on Alibaba's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Wei Zhang, who holds a leadership role at General Electric Co, has been elected to the Starbucks board.
While this news highlights the influence of General Electric executives, it's unlikely to have a significant direct impact on General Electric's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
NEUTRAL IMPACT
Wei Zhang, who sits on Ralph Lauren Corp’s board, has been elected to the Starbucks board.
While this news highlights the influence of Ralph Lauren executives, it's unlikely to have a significant direct impact on Ralph Lauren's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30