Starbucks Corporation (NYSE:SBUX) announced a broad restructuring plan aimed at turning around the specialty coffee maker. The company began by ousting CEO Jim Donald yesterday and handing the reins to current Chairman and founder Howard Schultz to bring investors some relief after a steep 48 percent decline in the share price during the last year. Shareholders applauded the news by sending shares up over 9 percent in today’s session.

Starbucks announced in a letter to employees that it had to shift focus away from bureaucracy and back to customers. Many argue that the firm’s rapid expansion forced it to cut down on aspects that made its cafes an exciting place with new products. Now, the company faces increased competition from fast food joints that are quickly adding premium coffee blends and a classier atmosphere to their own locations. Combined, these factors have put Starbucks in a tough spot.

However, shareholders are confident that Schultz is the right man to orchestrate a turnaround. He is well known as a fighter with tough standards and a strong desire to succeed. He stuck with the company as its chairman since stepping down and oversaw many side projects – such as Starbucks’ move into the music and film business. Schultz plans on restructuring the firm’s U.S. locations by giving employees better training and tools and launching new products, which he claims will have just as much of an impact as the Starbucks Card and its Frappuccino products.

In the end, this is all great news for shareholders. Schultz had what it takes to build up a billion dollar business behind coffee and now the same great leadership is again behind the company. Shareholders are hoping that he will be able to orchestrate a turnaround and make Starbucks a great brand once more, able to stand up to mounting competition. Combined, these factors make SBUX a stock worth watching!

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