Starbucks appoints first China chief growth officer - media

BEIJING (Reuters) - Starbucks (NASDAQ:SBUX ) China has appointed its first Chief Growth Officer (CGO), Chinese media outlet Late Post reported on Tuesday.

The media outlet said the company has hired Tony Yang, former partner and president of digital marketing firm Tezign, to the role.

The U.S. coffee giant and Tezign did not immediately respond to Reuters' request for comment.

The appointment comes after a recent management reshuffle at the unit. In September, the company said Molly Liu would become its sole chief executive officer of Starbucks China. Belinda Wong, who was co-CEO, would remain as chairwoman.

Starbucks is facing intensifying competition in the Chinese market where local, cheaper brands such as Luckin and Manner have grabbed market share.

In the fiscal year ended Sept. 29, the coffee chain reported that China comparable store sales declined 14%, with both sales and prices falling — the average price dropped by 8%, and same-store transactions decreased by 6%.



China is Starbucks second-largest market besides the U.S., with 7,596 stores across the country by September.

($1 = 7.2405 Chinese yuan )

Source: Investing.com