SEATTLE Troy Alstead has been named chief financial officer for Starbucks Corp., replacing Pete Bocian who is leaving the company at the end of the month to become chief administrative officer of Hewlett-Packard, officials announced Thursday.
Alstead is currently Starbucks’ senior vice president for global finance and has been with the coffeehouse chain for 16 years. He steps in at a time when Starbucks is in the midst of implementing a “transformational agenda” outlined by Howard Schultz, chairman and chief executive, earlier this year. The agenda includes closing more than 600 underperforming stores, cutting and reorganizing staff, changing the breakfast and lunch menus and upgrading equipment.
Schultz thanked Bocian, crediting him with helping Starbucks develop “a stronger financial discipline” as the company re-engineers its cost structure. Bocian’s “guidance was instrumental as we develop our plan to transform Starbucks to position the company for long-term growth,” said Schultz.
