Starbucks CEO set to announce strategy to fix the coffee chain

• Starbucks' new CEO, Brian Niccol, is set to lay out plans to turn around the struggling coffee chain.
• "It is clear we need to fundamentally change our strategy to win back customers," he said Wednesday.

Starbucks' new CEO, Brian Niccol, says he has a plan to turn around the struggling coffee chain — but investors will need to wait a little longer.

"It is clear we need to fundamentally change our strategy to win back customers," Niccol said in a statement Wednesday. "My experience tells me that when we get back to our core identity and consistently deliver a great experience, our customers will come back." He'll give more details on a call at 5 p.m. ET.

The company released some quarterly numbers last Wednesday, a week early, which showed a 6% decline in comparable sales in the US and a 14% decline in China. At the same time, it suspended its guidance for the coming fiscal year.

This is a developing story.