Message #29 From:
Stock News Bot Date: November 15, 2005 03:00:00 AM
SBUX News Starbucks Appoints Jinlong Wang to president, Greater China; Eden Woon Named vice president, Greater China
SEATTLE--(BUSINESS WIRE)--Nov. 15, 2005--
Leadership Team to Spearhead the Company's Expansion in China
Starbucks Coffee Company (Nasdaq:SBUX) today appointed Jinlong Wang to the newly created position of senior vice president, Starbucks Coffee Company and president, Starbucks Greater China. In this role, Wang is charged with leading the Company's efforts to enhance the Starbucks brand in Greater China and will be responsible for overseeing all facets of the Company's activities in the market including vision and strategy, business development and operations. Wang will be based at Starbucks Greater China Support Center in Shanghai, People's Republic of China, and reports to Christine Day, Starbucks president, Asia Pacific. The Company also named Eden Woon vice president, Greater China, effective in early 2006.
"We believe that China will be Starbucks largest market outside of the U.S.," said Martin Coles, president, Starbucks Coffee International. "As we continue our aggressive expansion, we need a dedicated, seasoned leader who is well-versed and respected within the country."
Wang joins Starbucks from Shanghai Buddies CVS Co. Ltd., a leading convenience store chain operator and franchiser based in Shanghai, where he served as vice-chairman and president. Concurrently, he was chairman and chief executive officer of RIM China Consulting Co. Ltd., a Shanghai-based retail business consultation firm.
"Jinlong's accomplishments as an executive officer for two Chinese companies, deep knowledge of the retail industry and his intimate familiarity with Starbucks culture makes him the ideal candidate to steadfastly guide us toward our long-term goal while continuing to deliver the Starbucks Experience to our customers in China," said Day.
Prior to moving to Shanghai, Wang was vice president of International Business Development for Starbucks Coffee International and director/vice president of Starbucks Law and Corporate Affairs department. Before joining Starbucks, he was an attorney at Preston Gates & Ellis in Seattle and Milbank, Tweed, Hadley & McCloy in New York. Wang also served as a government official at the Ministry of Foreign Economic Relationship and Trade of the People's Republic of China before coming to the U.S. to attend Columbia University School of Law.
Wang received his Bachelor of Arts degree in International Economics and Trade from the University of International Economics and Trade in Beijing in January 1982 and his Juris Doctor degree from Columbia University School of Law in May 1988.
"I am honored to be leading Starbucks Greater China team as we expand our presence and introduce new customers to the Starbucks Experience," said Wang. "It is very exciting to rejoin Starbucks and once again be part of one of the most admired and respected global companies."
Currently, Woon serves as CEO of the Hong Kong General Chamber of Commerce, which has played a key role in working on the closer integration of Hong Kong's economy with that of China. From 1994-1997 he was Executive Director of the Washington State China Relations Council, after spending 22 years with the U.S. Government; the last 12 of which he worked on China policy. Woon has a Ph.D in mathematics from the University of Washington.
About Starbucks
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world, with more than 10,000 retail locations in North America, Latin America, Europe, the Middle East and the Pacific Rim. The Company is committed to offering the highest quality coffee and the Starbucks Experience while conducting its business in ways that produce social, environmental and economic benefits for communities in which it does business. In addition to its retail operations, the Company produces and sells bottled Frappuccino(R) coffee drinks, Starbucks DoubleShot(R) coffee drink, and a line of superpremium ice creams through its joint venture partnerships. The Company's brand portfolio provides a wide variety of consumer products -- innovative superpremium Tazo(R) teas and exceptional compact discs from Starbucks Hear Music(TM) enhance the Starbucks Experience through best-of-class products. The Seattle's Best Coffee(R) and Torrefazione Italia(R) Coffee brands enable Starbucks to appeal to a broader consumer base by offering an alternative variety of coffee flavor profiles.
This release includes a forward-looking statement of the Company's expectations regarding the ultimate size of its China market. This forward-looking statement is based on currently available operating, financial, and competitive information and is subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors including, but not limited to, regulatory and legal uncertainties inherent in doing business in China, successful execution of internal performance and expansion plans, fluctuations in U.S. and international economies and currencies, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Certain Additional Risks and Uncertainties" section of Starbucks Annual Report on Form 10-K/A for the fiscal year ended October 3, 2004. The Company assumes no obligation to update this forward-looking statement.
