Here are all the ways we’re different from Starbucks, says CFO of China’s Luckin Coffee on IPO day

The chief financial officer of China’s Luckin Coffee told CNBC on Friday the tech-based beverage company’s business model is setting itself apart from U.S. coffee giant Starbucks. 1 coffee purveyor in China by the end of the year, hoping to overtake Starbucks, which currently has 3,500 Chinese stores. The 2-year-old Luckin operates 2,370 stores across China and it’s planning on opening 2,500 additional locations this year. In contrast to Starbucks, Schakel said, “We’re using very small stores,”


The chief financial officer of China’s Luckin Coffee told CNBC on Friday the tech-based beverage company’s business model is setting itself apart from U.S. coffee giant Starbucks. 1 coffee purveyor in China by the end of the year, hoping to overtake Starbucks, which currently has 3,500 Chinese stores. The 2-year-old Luckin operates 2,370 stores across China and it’s planning on opening 2,500 additional locations this year. In contrast to Starbucks, Schakel said, “We’re using very small stores,”
Here are all the ways we’re different from Starbucks, says CFO of China’s Luckin Coffee on IPO day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, chinas, coffee, luckin, chinese, china, using, different, trade, ipo, trends, day, starbucks, schakel, stores, ways, cfo


Here are all the ways we're different from Starbucks, says CFO of China's Luckin Coffee on IPO day

The chief financial officer of China’s Luckin Coffee told CNBC on Friday the tech-based beverage company’s business model is setting itself apart from U.S. coffee giant Starbucks.

“The founders of our business are used to using technology and disrupting industries,” CFO Reinout Schakel said in a “Squawk Box” interview, just hours ahead of the company’s debut as a publicly traded stock on the Nasdaq.

Schakel said Luckin’s founders “looked at the transaction of coffee and thought, ‘we can do better than this.'” Luckin was started in 2017 by Chinese entrepreneur Jenny Qian Zhiya.

Customers who want to buy Luckin brew, or any other drinks, have to make the purchases through its app, which Schakel said is more efficient and requires less waste. That also allows the company to access customer data and analyze trends in order to drive retention rates.

“What we’re trying to do is bring down the per-cup cost … with that and with that price point, we think we’re going to drive mass-market consumption,” he said. Most of the menu is about 25% cheaper than Starbucks equivalents.

Luckin is looking to become the No. 1 coffee purveyor in China by the end of the year, hoping to overtake Starbucks, which currently has 3,500 Chinese stores. The 2-year-old Luckin operates 2,370 stores across China and it’s planning on opening 2,500 additional locations this year.

In contrast to Starbucks, Schakel said, “We’re using very small stores,” allowing Luckin to cut down on costs while being “very close to our customers.” The technology and small stores make up the “new retail model,” he added. “That has fundamentally changed the cost structure in China.”

Luckin Coffee, valued at nearly $3 billion in its most recent funding round, is set to start trading Friday, after pricing its initial public offering at $17 per share late Thursday. “We have done what most people do in 15 or 20 years,” Schakel said.

Backed by Singapore’s GIC Private Limited sovereign wealth fund and U.S. money manager BlackRock, Luckin has warned about possibly seeing continuing losses in the foreseeable future. Last year, the Chinese chain recorded a net loss to shareholders of $475.4 million and total revenue of $125.27 million, according to its filing. For the first three months of 2019, it posted a net loss of $85.3 million.

The Luckin IPO comes as U.S.-China trade tensions, involving escalating tariffs on each other’s imports, raised concerns in global financial markets.

However, Schakel told CNBC the impact of the trade war has been muted in China so far. “We don’t see an awful lot yet in China. Something we don’t see today. If there’s something happening around those trends, that could affect Starbucks but that’s not something we’re seeing yet.

— Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, chinas, coffee, luckin, chinese, china, using, different, trade, ipo, trends, day, starbucks, schakel, stores, ways, cfo


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Huawei to seek stay in extradition proceedings for CFO Meng Wanzhou

05:23 | 11:47 AM ET Wed, 1 May 2019


05:23 | 11:47 AM ET Wed, 1 May 2019
Huawei to seek stay in extradition proceedings for CFO Meng Wanzhou Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09
Keywords: news, cnbc, companies, huawei, 1147, 0523, stay, wanzhou, extradition, et, 2019, cfo, proceedings, meng, seek


Huawei to seek stay in extradition proceedings for CFO Meng Wanzhou

05:23 | 11:47 AM ET Wed, 1 May 2019


Company: cnbc, Activity: cnbc, Date: 2019-05-09
Keywords: news, cnbc, companies, huawei, 1147, 0523, stay, wanzhou, extradition, et, 2019, cfo, proceedings, meng, seek


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Home Depot’s CFO to retire at the end of August

Shoppers arrive at a Home Depot Inc. store in Louisville, Kentucky, U.S., on Monday, Feb. 25, 2019. Home Depot announced Tuesday that Chief Financial Officer Carol Tomé will retire on Aug. 31. Tomé, who has been with the company for 24 years, will be succeeded by Richard McPhail, the current senior vice president of finance control and administration. Since joining Home Depot in 2005, McPhail has served as senior vice president of finance as well as both director and vice president of strategic


Shoppers arrive at a Home Depot Inc. store in Louisville, Kentucky, U.S., on Monday, Feb. 25, 2019. Home Depot announced Tuesday that Chief Financial Officer Carol Tomé will retire on Aug. 31. Tomé, who has been with the company for 24 years, will be succeeded by Richard McPhail, the current senior vice president of finance control and administration. Since joining Home Depot in 2005, McPhail has served as senior vice president of finance as well as both director and vice president of strategic
Home Depot’s CFO to retire at the end of August Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: nadine el-bawab, lauren hirsch
Keywords: news, cnbc, companies, end, depots, team, carol, retire, president, joining, senior, vice, menear, leadership, depot, cfo, mcphail


Home Depot's CFO to retire at the end of August

Shoppers arrive at a Home Depot Inc. store in Louisville, Kentucky, U.S., on Monday, Feb. 25, 2019.

Home Depot announced Tuesday that Chief Financial Officer Carol Tomé will retire on Aug. 31.

Tomé, who has been with the company for 24 years, will be succeeded by Richard McPhail, the current senior vice president of finance control and administration.

“Since Carol was named our CFO in May 2001 we have delivered more than a 450% increase in value to our shareholders, due in part to her many contributions. We are truly grateful to Carol for her service, and I am deeply appreciative of her partnership over the past five years,” Craig Menear, chairman, CEO and president of Home Depot, said in a statement.

Since joining Home Depot in 2005, McPhail has served as senior vice president of finance as well as both director and vice president of strategic business development.

“Richard has been a key contributor to our senior leadership team and I’m excited about him joining our executive leadership team,” Menear added.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: nadine el-bawab, lauren hirsch
Keywords: news, cnbc, companies, end, depots, team, carol, retire, president, joining, senior, vice, menear, leadership, depot, cfo, mcphail


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‘The ship is starting to turn’ for Ford, says CFO Bob Shanks

The turnaround at Ford Motor is finally starting to take hold, chief financial officer Bob Shanks told CNBC on Thursday. The automaker is in the midst of an $11 billion restructuring plan and aims to slash costs by $14 billion over the next five years. “The ship is starting to turn after a lot of work on the fitness of the business, rethinking the product portfolio, working on a number of alliances,” Shanks said on “Closing Bell” shortly after the company released its first-quarter earnings repo


The turnaround at Ford Motor is finally starting to take hold, chief financial officer Bob Shanks told CNBC on Thursday. The automaker is in the midst of an $11 billion restructuring plan and aims to slash costs by $14 billion over the next five years. “The ship is starting to turn after a lot of work on the fitness of the business, rethinking the product portfolio, working on a number of alliances,” Shanks said on “Closing Bell” shortly after the company released its first-quarter earnings repo
‘The ship is starting to turn’ for Ford, says CFO Bob Shanks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: michelle fox, aly song
Keywords: news, cnbc, companies, work, billion, turnaround, turn, trucks, ford, starting, ship, yearsthe, bob, shanks, working, earnings, cfo


'The ship is starting to turn' for Ford, says CFO Bob Shanks

The turnaround at Ford Motor is finally starting to take hold, chief financial officer Bob Shanks told CNBC on Thursday.

The automaker is in the midst of an $11 billion restructuring plan and aims to slash costs by $14 billion over the next five years.

“The ship is starting to turn after a lot of work on the fitness of the business, rethinking the product portfolio, working on a number of alliances,” Shanks said on “Closing Bell” shortly after the company released its first-quarter earnings report.

Ford saw its shares jump almost 8% on Thursday after it announced earnings that beat expectations. It pointed to strong demand for its popular pickup trucks and SUVs in North America.


Company: cnbc, Activity: cnbc, Date: 2019-04-25  Authors: michelle fox, aly song
Keywords: news, cnbc, companies, work, billion, turnaround, turn, trucks, ford, starting, ship, yearsthe, bob, shanks, working, earnings, cfo


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Twitter CFO Ned Segal: We are open to sensible regulation

Twitter CFO Ned Segal: We are open to sensible regulation20 Hours AgoCNBC’s Julia Boorstin reports on her conversation with Twitter CFO Ned Segal after the company reported strong Q1 earnings.


Twitter CFO Ned Segal: We are open to sensible regulation20 Hours AgoCNBC’s Julia Boorstin reports on her conversation with Twitter CFO Ned Segal after the company reported strong Q1 earnings.
Twitter CFO Ned Segal: We are open to sensible regulation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: john chiala
Keywords: news, cnbc, companies, twitter, q1, regulation, reported, segal, regulation20, strong, open, reports, ned, cfo, sensible


Twitter CFO Ned Segal: We are open to sensible regulation

Twitter CFO Ned Segal: We are open to sensible regulation

20 Hours Ago

CNBC’s Julia Boorstin reports on her conversation with Twitter CFO Ned Segal after the company reported strong Q1 earnings.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: john chiala
Keywords: news, cnbc, companies, twitter, q1, regulation, reported, segal, regulation20, strong, open, reports, ned, cfo, sensible


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JC Penney names Bill Wafford as CFO

JCPenney on Tuesday named Bill Wafford as the company’s new executive vice president and chief financial officer, starting April 8. Wafford also previously worked for KPMG and Walgreens Boots Alliance. Prior to Walgreens, Wafford held finance roles are Bank of America and Target. His first-hand knowledge and understanding of financial turnarounds will help JCPenney deliver improved results and drive profitable growth,” said Jill Soltau, CEO of JCPenney. Wafford is succeeding Michael Fung, who wi


JCPenney on Tuesday named Bill Wafford as the company’s new executive vice president and chief financial officer, starting April 8. Wafford also previously worked for KPMG and Walgreens Boots Alliance. Prior to Walgreens, Wafford held finance roles are Bank of America and Target. His first-hand knowledge and understanding of financial turnarounds will help JCPenney deliver improved results and drive profitable growth,” said Jill Soltau, CEO of JCPenney. Wafford is succeeding Michael Fung, who wi
JC Penney names Bill Wafford as CFO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: maggie fitzgerald, scott mlyn
Keywords: news, cnbc, companies, penney, vice, financial, names, understanding, wafford, vitamin, executive, walgreens, waffords, bill, worked, cfo, jcpenney, jc


JC Penney names Bill Wafford as CFO

JCPenney on Tuesday named Bill Wafford as the company’s new executive vice president and chief financial officer, starting April 8.

The announcement came as The Vitamin Shoppe announced Wafford’s resignation, effective April 5. Wafford also previously worked for KPMG and Walgreens Boots Alliance.

Prior to Walgreens, Wafford held finance roles are Bank of America and Target.

“Bill brings extraordinary depth and breadth of experience to our executive team. His first-hand knowledge and understanding of financial turnarounds will help JCPenney deliver improved results and drive profitable growth,” said Jill Soltau, CEO of JCPenney.

Wafford is succeeding Michael Fung, who will remain at the company as interim CFO through the end of April.


Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: maggie fitzgerald, scott mlyn
Keywords: news, cnbc, companies, penney, vice, financial, names, understanding, wafford, vitamin, executive, walgreens, waffords, bill, worked, cfo, jcpenney, jc


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Tesla promotes Kirkhorn to CFO and Taneja to Chief Accounting Officer

Tesla made two senior appointments Wednesday, officially giving Zach Kirkhorn the job as CFO and promoting its Corporate Controller Vaibhav Taneja to Chief Accounting Officer. Kirkhorn’s promotion was announced in January when Deepak Ahuja, a long time Tesla executive, said he planned to retire. Kirkhorn’s pay package includes a stock option grant of $12 million and a restricted stock unit grant of $4 million, which will be granted and will vest over four years. Taneja joined Tesla in 2017 follo


Tesla made two senior appointments Wednesday, officially giving Zach Kirkhorn the job as CFO and promoting its Corporate Controller Vaibhav Taneja to Chief Accounting Officer. Kirkhorn’s promotion was announced in January when Deepak Ahuja, a long time Tesla executive, said he planned to retire. Kirkhorn’s pay package includes a stock option grant of $12 million and a restricted stock unit grant of $4 million, which will be granted and will vest over four years. Taneja joined Tesla in 2017 follo
Tesla promotes Kirkhorn to CFO and Taneja to Chief Accounting Officer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: robert ferris
Keywords: news, cnbc, companies, promotes, vest, company, tesla, million, chief, cfo, grant, ahuja, taneja, unit, left, officer, accounting, kirkhorn, stock


Tesla promotes Kirkhorn to CFO and Taneja to Chief Accounting Officer

Tesla made two senior appointments Wednesday, officially giving Zach Kirkhorn the job as CFO and promoting its Corporate Controller Vaibhav Taneja to Chief Accounting Officer.

Both moves, announced in a securities filing Thursday, solidify top leadership at a company that has seen a remarkable amount of turnover in its ranks.

Kirkhorn’s promotion was announced in January when Deepak Ahuja, a long time Tesla executive, said he planned to retire. Ahuja had left the company in 2015 but in rejoined in 2017 to replace then-CFO Jason Wheeler.

Kirkhorn’s pay package includes a stock option grant of $12 million and a restricted stock unit grant of $4 million, which will be granted and will vest over four years.

Taneja fills the gap created when former CAO Dave Morton left in September after just one month on the job. Morton had joined the company to replace Eric Branderiz, who left the company for “personal reasons” in March 2018. Ahuja and Taneja have shared Tesla’s top accounting responsibilities since Branderiz’s departure.

Taneja joined Tesla in 2017 following its acquisition of solar power company SolarCity, where he was Corporate Controller. Prior to that, Taneja worked at PricewaterhouseCoopers in India and the U.S. from July 1999 to March 2016, finishing his tenure there as a a Senior Manager in its Assurance practice.

Taneja will receive a stock option grant of $6 million and a restricted stock unit grant of $2 million, which will also vest over four years.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: robert ferris
Keywords: news, cnbc, companies, promotes, vest, company, tesla, million, chief, cfo, grant, ahuja, taneja, unit, left, officer, accounting, kirkhorn, stock


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Disorderly Brexit could complicate E.On transaction, RWE CFO says


Disorderly Brexit could complicate E.On transaction, RWE CFO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14
Keywords: news, cnbc, companies, rwe, complicate, transaction, cfo, disorderly, brexit, eon


Disorderly Brexit could complicate E.On transaction, RWE CFO says


Company: cnbc, Activity: cnbc, Date: 2019-03-14
Keywords: news, cnbc, companies, rwe, complicate, transaction, cfo, disorderly, brexit, eon


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Huawei CFO defense will center on President Trump’s trade comments

A defense lawyer for Meng Wanzhou, CFO of China tech giant Huawei, told an Ottawa judge on Wednesday that it will take time to develop arguments against extradition in part because of possible political issues and “comments by the U.S. Meng was arrested in Vancouver on Dec. 1, while she was on a 12-hour layover between Hong Kong and Mexico. The defense said it needed time to prepare for the “highly unusual” case, specifically politics and motivation stemming from Trump’s comments. “The Departmen


A defense lawyer for Meng Wanzhou, CFO of China tech giant Huawei, told an Ottawa judge on Wednesday that it will take time to develop arguments against extradition in part because of possible political issues and “comments by the U.S. Meng was arrested in Vancouver on Dec. 1, while she was on a 12-hour layover between Hong Kong and Mexico. The defense said it needed time to prepare for the “highly unusual” case, specifically politics and motivation stemming from Trump’s comments. “The Departmen
Huawei CFO defense will center on President Trump’s trade comments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: kate fazzini, ben nelms, bloomberg, getty images, alexander bibik
Keywords: news, cnbc, companies, case, president, justice, meng, trumps, department, huawei, cfo, center, extradition, comments, told, indicated, political, trade, defense


Huawei CFO defense will center on President Trump's trade comments

A defense lawyer for Meng Wanzhou, CFO of China tech giant Huawei, told an Ottawa judge on Wednesday that it will take time to develop arguments against extradition in part because of possible political issues and “comments by the U.S. president.”

Meng was arrested in Vancouver on Dec. 1, while she was on a 12-hour layover between Hong Kong and Mexico. She is the daughter of Huawei founder Ren Zhengfei

On Jan. 28, the U.S. Justice Department accused Meng and Huawei of bank fraud, wire fraud and conspiracy in what the Department of Justice alleges was a years-long scheme to deceive international banks over the nature of payments made through a Hong Kong technology supplier.

Chinese officials have indicated they believe the U.S. has political motives in its moves against Huawei, which also include ongoing accusations of spying and a trade secrets theft case now unfolding in Washington.

On Dec. 11, President Donald Trump indicated he would consider intervening in the case if it would be helpful to a trade deal, a departure from the usually bold line between U.S. political negotiations and Justice Department cases.

The case was adjourned on Wednesday, and a new hearing was scheduled for May 8. The defense said it needed time to prepare for the “highly unusual” case, specifically politics and motivation stemming from Trump’s comments.

“The Department of Justice is empowered to enforce federal law fairly, untainted by political or geopolitical considerations,” Richard Matheny, a global trade partner at law firm Goodwin, told CNBC. “The suggestion that the Department could — or should — be used to achieve an objective unrelated to the fair administration of justice erodes public confidence, both domestically and on a global stage. This is understandable and explains why, historically, U.S. presidents have carefully refrained from comments of the sort we see increasingly from the current administration.”

The extradition process will likely be lengthy, and Meng’s attorneys have indicated they intend to fiercely fight the request. A banker from Thailand, Rakesh Saxena, successfully fought extradition from Canada on embezzlement charges for 13 years, losing his battle in 2009, in one of the country’s longest extradition cases.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: kate fazzini, ben nelms, bloomberg, getty images, alexander bibik
Keywords: news, cnbc, companies, case, president, justice, meng, trumps, department, huawei, cfo, center, extradition, comments, told, indicated, political, trade, defense


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Huawei CFO defense will center on President Trump’s trade comments

A defense lawyer for Meng Wanzhou, CFO of China tech giant Huawei, told an Ottawa judge on Wednesday that it will take time to develop arguments against extradition in part because of possible political issues and “comments by the U.S. Meng was arrested in Vancouver on Dec. 1, while she was on a 12-hour layover between Hong Kong and Mexico. The defense said it needed time to prepare for the “highly unusual” case, specifically politics and motivation stemming from Trump’s comments. “The Departmen


A defense lawyer for Meng Wanzhou, CFO of China tech giant Huawei, told an Ottawa judge on Wednesday that it will take time to develop arguments against extradition in part because of possible political issues and “comments by the U.S. Meng was arrested in Vancouver on Dec. 1, while she was on a 12-hour layover between Hong Kong and Mexico. The defense said it needed time to prepare for the “highly unusual” case, specifically politics and motivation stemming from Trump’s comments. “The Departmen
Huawei CFO defense will center on President Trump’s trade comments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: kate fazzini, ben nelms, bloomberg, getty images, alexander bibik
Keywords: news, cnbc, companies, case, president, justice, meng, trumps, department, huawei, cfo, center, extradition, comments, told, indicated, political, trade, defense


Huawei CFO defense will center on President Trump's trade comments

A defense lawyer for Meng Wanzhou, CFO of China tech giant Huawei, told an Ottawa judge on Wednesday that it will take time to develop arguments against extradition in part because of possible political issues and “comments by the U.S. president.”

Meng was arrested in Vancouver on Dec. 1, while she was on a 12-hour layover between Hong Kong and Mexico. She is the daughter of Huawei founder Ren Zhengfei

On Jan. 28, the U.S. Justice Department accused Meng and Huawei of bank fraud, wire fraud and conspiracy in what the Department of Justice alleges was a years-long scheme to deceive international banks over the nature of payments made through a Hong Kong technology supplier.

Chinese officials have indicated they believe the U.S. has political motives in its moves against Huawei, which also include ongoing accusations of spying and a trade secrets theft case now unfolding in Washington.

On Dec. 11, President Donald Trump indicated he would consider intervening in the case if it would be helpful to a trade deal, a departure from the usually bold line between U.S. political negotiations and Justice Department cases.

The case was adjourned on Wednesday, and a new hearing was scheduled for May 8. The defense said it needed time to prepare for the “highly unusual” case, specifically politics and motivation stemming from Trump’s comments.

“The Department of Justice is empowered to enforce federal law fairly, untainted by political or geopolitical considerations,” Richard Matheny, a global trade partner at law firm Goodwin, told CNBC. “The suggestion that the Department could — or should — be used to achieve an objective unrelated to the fair administration of justice erodes public confidence, both domestically and on a global stage. This is understandable and explains why, historically, U.S. presidents have carefully refrained from comments of the sort we see increasingly from the current administration.”

The extradition process will likely be lengthy, and Meng’s attorneys have indicated they intend to fiercely fight the request. A banker from Thailand, Rakesh Saxena, successfully fought extradition from Canada on embezzlement charges for 13 years, losing his battle in 2009, in one of the country’s longest extradition cases.


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: kate fazzini, ben nelms, bloomberg, getty images, alexander bibik
Keywords: news, cnbc, companies, case, president, justice, meng, trumps, department, huawei, cfo, center, extradition, comments, told, indicated, political, trade, defense


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