Starbucks is creating an entirely new position to fix its China problem. For years, the U.S. coffee chain enjoyed success as Chinese consumers, optimistic about China’s economic prospects, flocked to Western brands. But changing tastes and tighter budgets are now pushing China’s coffee drinkers to cheaper local alternatives.
Last week, Chinese media outlet Late Post reported that Starbucks China has hired Tony Yang as its first-ever chief growth officer; Starbucks China confirmed Yang’s appointment to the position to Bloomberg on Monday.
