Kevin Johnson, the Chief Executive Officer of Starbucks, announced that China and Canada are the first international markets to verify the fulfillment of the global commitment to gender equality in pay.
Last year Starbucks announced its Pay Equity Principles – Equal Footing, Transparency and Accountability. China and Canada have joined the U.S. in committing to these principles and will continue to update country-centric best practices to address challenges unique to each market.
This news comes days after Starbucks opened its 30,000th store, the Starbucks Reserve Store in Shenzhen Bay China cementing its commitment to the region. An overview of additional announcements is in the following:
• Hearing the Siren’s Song for Sustainability: Company demonstrated its latest innovations in sustainable coffee: further reduction of straws; greener cups; and digitally traceable coffee that shows the journey from bean to cup
• All the Stars: Starting April 16, Starbucks is updating the Starbucks Rewards program to put a wider range of choice in the hands of our 16 million members through a new tiered Rewards structure. Secondly members can redeem rewards faster. In just 2-3 visits, members can collect enough Stars to redeem items most relevant to them
• Coffee and Connection: We’re reimagining The Third Place, focusing on convenience, connection and comfort, leveraging new technology and product innovation to create a more complete connection with customers
• Cold is Hot: Nitro Cold Brew will be available in all U.S. company-operated stores by the end of the year
• China Stays Caffeinated: Starbucks opened it’s 30,000th store, the Starbucks Reserve Store in Shenzhen Bay, China
• Investing in Innovation: Starbucks announced $100 million cornerstone investment in Valor Siren Ventures to accelerate innovation in “new retail”, a new growth driver for the next generation of food and retail start-up companies
• Around the World: Starbucks Delivers now in 13 countries – USA, Mexico, Colombia, Chile, UK, Greece, Japan, China, Hong Kong, India, Vietnam, Singapore, Indonesia
• Grande Sized Meeting with Venti Sized Returns: In the largest shareholder meeting in company history, Starbucks celebrated a transformative year in fiscal 2018, highlighted by double digit growth in topline revenue of $24.7 billion, up 10% over the prior year
The company announced it had returned $14 billion towards its previously announced commitment to return $25 billion to shareholders in the form of share buybacks and dividends over a three-year period through fiscal 2020.
As part of this commitment, the company announced today that it has entered into a $2 billion accelerated share repurchase program (ASR) of the Company’s common stock.