Starbucks Appoints Insider Mike Grams As COO In Latest Turnaround Move: Retail Interest Builds

Starbucks (SBUX) has elevated Mike Grams, the current North America chief coffeehouse officer, to chief operating officer, effective immediately, as part of a series of leadership changes at the struggling coffee chain.

Grams will now additionally oversee global coffeehouse development and global supply chain, according to a Starbucks press note on Wednesday.

In other changes, Chief Technology Officer Deb Hall Lefevre will report to Cathy Smith, the company's new chief financial officer. The move would likely help the company accelerate the deployment of technology in operations.

Additionally, Chief Legal Officer Brad Lerman is leaving the coffee chain, and the search for a replacement is underway.

The changes come as part of the latest turnaround efforts. The coffee chain has seen its business suffer in recent years, hit by rising competition and a broader pullback in consumer discretionary spending.

Starbucks hired Chipotle (CMG) CEO Brian Niccol to helm the company late last year in an attempt to turn it around. 

Under Niccol's leadership, Starbucks has eliminated more than 1,000 jobs and is implementing a strategic overhaul that includes redesigning store layouts and integrating technology into barista workflows.

Following the leadership announcement, the retail sentiment for the company shifted to 'neutral' from 'bearish' the previous day, according to Stocktwits data.

A user said the stock, along with Nike (NIKE), is suitable for "longterm hold."

Starbucks shares are down 3.4% this year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.