The introduction of new olive oil-infused coffee drinks at Starbucks is a 'transformational moment' for the company, CEO Howard Schultz told CNBC's Jim Cramer
of tightening consumer demand. The "Oleato," which is named after the Italian word for "with oil," will come to the U.S. this spring, starting in California.
Schultz is launching the new coffee line ahead of his April departure as interim CEO. Incoming chief executive Laxman Narasimhan, though Schultz, 69, will maintain his board seat and act as an ambassador for the Oleato brand. Starbucks' olive oil coffee comes as the company continues to navigate a tough macro environment, though Schultz has maintained optimism. He noted that the company has added roughly $40 billion to its market cap since he started as interim CEO.
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