In a surprising move, Michael Conway, Starbucks (NASDAQ:SBUX) North America CEO, has resigned after only six months in the role.
What Happened: Conway, who took on the position in April, informed the company of his decision last week, as per a Securities and Exchange Commission filing. He will remain with the company until November 30 to assist with the leadership transition, concluding his 11-year tenure at Starbucks, Business Insider reported on Tuesday.
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Before his North American CEO role, Conway served as group president of international and channel development and president of Starbucks Canada. His appointment was part of a reorganization effort by former CEO Laxman Narasimhan, Bloomberg noted in March.
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Rather than appointing a new CEO for North America, Starbucks announced that Sara Trilling, the company’s North American president, will oversee retail operations across the region. Trilling has been with Starbucks for 22 years and previously managed 3,500 stores as senior vice president of its north division.
The company aims to enhance decision-making efficiency by streamlining its leadership structure, The Wall Street Journal reported. Conway’s departure follows other significant leadership changes, including the recent appointment of Brian Niccol, former CEO of Chipotle, as Starbucks’ new top executive.
Operational challenges have affected Starbucks’ North American stores, with complex drink orders, rising prices, and varying foot traffic impacting staff and profitability. Niccol plans to revamp operations and focus on customer experience, he stated last week.
Why It Matters: This leadership change comes amid a series of strategic shifts at Starbucks. In March, the company announced a new geographic leadership structure to support global functions, appointing Conway as North America CEO to spearhead this initiative.
In August, the appointment of Brian Niccol as the new CEO boosted Starbucks’ valuation by over $15 billion in just one day. Niccol, known for his successful tenure at Chipotle, aims to steer Starbucks through its current challenges and enhance customer experience.
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On his second day as CEO, Niccol outlined his vision to reconnect Starbucks with its community coffeehouse roots. He emphasized the need for comfortable seating and a clear distinction between “to-go” and “for-here” services to improve the in-store experience.
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Image by Şahin Sezer Dinçer from Pixabay.
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A Kentucky sheriff has been arrested after fatally shooting a judge in his chambers, police say.
District Judge Kevin Mullins died at the scene after being shot multiple times in the Letcher County Courthouse, Kentucky State Police said.
Letcher County Sheriff Shawn Stines, 43, has been charged with one count of first-degree murder.
The shooting happened on Thursday after an argument inside the court, police said, but they have not yet revealed a motive.
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Officials said Mullins, 54, was shot multiple times at around 14:00 local time on Thursday at the court in Whitesburg, Kentucky, a small rural town about 150 miles (240km) south-east of Lexington.
Sheriff Stines was arrested at the scene without incident, Kentucky State Police said. They did not reveal the nature of the argument before the shooting.
According to local newspaper the Mountain Eagle, Sheriff Stines walked into the judge’s outer office and told court employees that he needed to speak alone with Mullins.
The two entered the judge’s chambers, closing the door behind them. Those outside heard gun shots, the newspaper reported.
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Sheriff Stines reportedly walked out with his hands up and surrendered to police. He was handcuffed in the courthouse foyer.
The state attorney general, Russell Coleman, said in a post on X, formerly Twitter, that his office “will fully investigate and pursue justice”.
Kentucky State Police spokesman Matt Gayheart told a news conference that the town was shocked by the incident
“This community is small in nature, and we’re all shook,” he said.
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Mr Gayheart said that 50 employees were inside the court building when the shooting occurred.
No-one else was hurt. A school in the area was briefly placed on lockdown.
Kentucky Supreme Court Chief Justice Laurance B VanMeter said he was “shocked by this act of violence”.
Announcing Judge Mullins’ death on social media, Kentucky Governor Andy Beshear said: “There is far too much violence in this world, and I pray there is a path to a better tomorrow.”
Electric-vehicle makers boosted Hong Kong stocks on Friday, as major indices rose across the board in the wake of the US Federal Reserve’s interest rate cut.
The Hang Seng index rose 1.8 per cent, with Chinese EV companies Xpeng and Geely Auto adding 9 per cent and 4.8 per cent, respectively.
Japan’s Topix rose 1.5 per cent, while South Korea’s Kospi added 1 per cent.
Australia’s S&P/ASX 200 rose 0.4 per cent, led by clinical trial groups Euren Pharmaceuticals and Telix Pharmaceuticals, which gained as much as 6.7 per cent and 4.9 per cent, respectively.
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On Thursday, the S&P 500 gained 1.7 per cent, hitting a new record after the Fed’s half-point rate cut announcement on Wednesday.
Last week JPMorgan made headlines by announcing it planned to cap its junior bankers’ working week to 80 hours (“High pressure, long days, crushing workloads: why is investment banking like this?”, FT Alphaville, FT.com, September 13).
The media and most western professionals and other workers will see that figure as extraordinarily high — but the small print makes clear that the cap will not apply when junior bankers are working on “live” deals.
The 80-hour working week, it seems, is the routine baseline expectation.
Former investment banker Craig Coben, author of the FT Alphaville piece, outlined the history and factors that make the long-hours culture a seemingly intractable fact of life across the investment banking industry — and other related sectors such as Big Law.
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As investment banking is a bespoke service the work cannot fit into a standard nine-to-five schedule. The question is: does this bespoke service require regular “all-nighters”?
Is this really the most efficient approach? Research shows that working long hours does not improve productivity. Studies document diminishing returns after a certain threshold — typically around 50 hours per week.
Coben also pointed to the mega-salaries junior bankers earn. In the end, there is no such thing as a free lunch in life.
They know what they are getting themselves into. The reality may not be as glamorous as it seems. Assuming an entry salary of £90,000, as indicated in the article, an 80-hour working week for 47 weeks a year — admittedly a very basic calculation — junior bankers would earn a higher hourly rate by doing private tutoring!
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Yes, this is partly down to the nature of the business but it is also a self-perpetuating culture that is blocking efforts to at least mitigate its worst excesses.
Addressing this could, in fact, positively impact productivity as well.
Sonia Falconieri Professor in Corporate Finance, Bayes Business School (formerly Cass), London EC1, UK
“We asked for a thorough investigation,” says Olivia.
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“That’s definitely what they’ve done as it’s been a while now.
“I hope the FA do the right thing.
“It’s important we don’t skim over what happened.”
Regardless of the outcome, the 25-year-old says there’s no way things can stay the same in women’s football.
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“I’d like to think that after what’s happened to my sister, there’s no way there can’t be any change.
“Maddy ultimately lost her life and her spirit to football and it’s important that nobody else goes through that.”
Maddy’s family has launched a foundation in her name to support women and girls in football and hopes to be a voice for them too.
“You can’t bury your head in the sand,” says Olivia.
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“You need to stand up for these girls and stand up for Maddy ultimately as well.
“We just really wanted to find what was missing and give these girls a voice.”
They recently hit a £50,000 milestone, something Olivia says she “never even dreamed of”.
“It made me really proud,” she says.
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“I thought, we could really change the game here and change young girls’ lives.”
‘I’m going to be like Maddy’
Some of the money raised goes towards supporting girls like eight-year-old Neveah, who idolised Maddy.
Neveah’s mum, Beth, tells Newsbeat the love started when she was assigned the same number football shirt.
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“She’d see Maddy play and say, ‘Mum that’s me – I’m number eight, I’m going to be like Maddy’.”
Last year, Neveah was a mascot for Sheffield United and chose to walk out with Maddy, which Beth says helped to “grow her love of football”.
When Maddy died, Beth says Neveah “took it really hard” and, in December, the foundation offered to pay for her to have new boots – something the family had done for Maddy every Christmas.
Since then it has also sponsored her kit.
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“She was very touched by that,” Beth says.
“We always get in touch with the family because she likes to tell them how many goals she’s scored for Maddy.”
Although Neveah is sometimes the only girl on the pitch, she is generally supported and encouraged in the sport, says Beth.
But she knows that might not always be the case, and that is why the work of the foundation is so important.
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“[Girls] need to know that support is available for them,” she says.
“I just hope Neveah’s journey through football, however long it is, continues to be positive.”
Olivia says her sister was “loved and adored and an inspiration to so many”.
“My main focus with the foundation is to carry that on for as long as I can and to bring her to life for as long as I can as well.”
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There will be a vigil for Maddy later and she will also be remembered at a match between Sheffield United and Derby County – the club Maddy supported – on Saturday.
“She would’ve been there for sure,” Olivia says of her big sister. “With a beaming smile.”
A spokesperson for Sheffield United told Newsbeat they were pleased to mark the anniversary with the match.
“The thoughts of everyone associated with Sheffield United Football Club remain with the Cusack family, as well as Maddy’s friends, colleagues and team-mates,” they added.
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The FA said it would not be appropriate to comment while it was still investigating.
If you’ve been affected by the issues raised in this article, help and support is available via BBC Action Line.
Listen to Newsbeat live at 12:45 and 17:45 weekdays – or listen back here.
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