Starbucks Corp. said Tuesday that Troy Alstead, its chief financial officer and chief administrative officer, has been promoted to chief financial officer and group president of the company's global business services.

Starbucks Corp. said Tuesday that Troy Alstead, its chief financial officer and chief administrative officer, has been promoted to chief financial officer and group president of the company’s global business services.

The Seattle-based coffee company said the promotion recognizes the increasing responsibility and complexity of Alstead’s role overseeing the company’s global financial, technology and supply chain operations.

CEO Howard Schultz said in a statement that Alstead has been instrumental in the company’s growth and that his role will prove critical to ensuring its continued success.

Alstead joined Starbucks in January 1992 when it was a privately held company, and has held numerous roles in finance and general management of increasing responsibility. He was one of the original members of the company’s international team.

Starbucks shares added 89 cents to $76.13 in late afternoon trading, in line with broader market gains.