According to a Reuters report, CFO Cathy Smith announced in an internal memo that Ningyu Chen, who formerly held the role of senior vice president of global experience technology, will serve as the interim chief technology officer.
Starbucks Corp.’s (SBUX) Chief Technology Officer, Deb Hall Lefevre, has reportedly stepped down as the company implements its second round of layoffs in corporate positions.
According to a Reuters report, CFO Cathy Smith announced in an internal memo that Ningyu Chen, who formerly held the role of senior vice president of global experience technology, will serve as the interim chief technology officer.
Starbucks stock inched 0.4% lower on Friday afternoon. On Stocktwits, retail sentiment around the stock remained in ‘bullish’ territory. Message volume improved to ‘high’ from ‘normal’ levels in 24 hours.
The stock experienced a 134% increase in user message count in 24 hours as of Friday morning. A bullish Stocktwits user expressed optimism about the coffee giant’s leadership.
The company is implementing cost-cutting measures as part of its effort to revive slowing sales. On Thursday, Starbucks announced that it will eliminate approximately 900 corporate positions and close some underperforming stores in North America.
“During the review, we identified coffeehouses where we’re unable to create the physical environment our customers and partners expect, or where we don’t see a path to financial performance, and these locations will be closed,” said CEO Brian Niccol in a letter to shareholders.
Niccol had launched the “Back to Starbucks” program after taking charge last year, aiming to restore its core café experience. The company had already laid off 1,100 corporate employees earlier in 2025.
Starbucks’ stock has lost over 8% year-to-date and has gained over 14% in the last 12 months.
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