A disappointing business forecast and some leadership changes are causing investors to fret a bit about Starbucks.
Starbucks shares fell on Thursday after the company announced that CFO Scott Maw will retire effective Nov. 30, 2018. The company has launched an external search for a new CFO.
Maw’s retirement follows founder Howard Schultz stepping down as executive chairman and member of the board of directors effective June 26. He was honored with the title of chairman emeritus effective June 26, 2018.
Maw joined Starbucks as a global controller in 2011. He has been in the role of CFO since February 2014. Maw will continue to support the transition in a senior consultant role through March 2019. According to Reuters, Maw will earn a salary of $250,000 per month for serving as a senior consultant.
Starbucks shares took a big hit last week after the company on June 19 projected slowing sales and said it would close 150 stores in its fiscal 2019 year. The company expects global same-store sales to growth only 1% in the current quarter, well below the 2.9% analysts forecast.
Thursday, Starbucks shares were trading around their lowest price point since April 2015.