(Reuters) - Starbucks Corp executive Michelle Gass, who was instrumental in the world's biggest coffee chain's post-recession U.S. turnaround, is leaving after more than 16 years to become chief customer officer at retailer Kohl's Corp .

Gass, known for having led many big initiatives at Starbucks, including the development of Frappuccino blended drinks, will join Kohl's in the newly created position on June 17, the low-price department store said on Wednesday.

Gass had just been named to a new position at Starbucks, where she was set to work directly with Chairman and Chief Executive Howard Schultz. Most recently, she was president for Starbucks Europe, Middle East and Africa.

"The news should be viewed as disappointing to investors as Gass was highly regarded, having helped create the overall strategic blueprint for the brand," said Barclays analyst Jeffrey Bernstein.

He added that Gass has been a director at Ann Inc , the parent of women's clothing chain Ann Taylor, since November 2008.

"We value her many contributions over the years," Starbucks spokesman Jim Olson said, adding that Wednesday was Gass' last day at the Seattle-based company.

At Kohl's, Gass will oversee areas such as marketing and e-commerce, and will report directly to Chairman and CEO Kevin Mansell.

Before she joined Starbucks, Gass worked in marketing and new product development with Procter & Gamble Co .

Starbucks shares closed down 0.2 percent at $64.14, while Kohl's ended down 0.5 percent at $52.08.

(Reporting by Lisa Baertlein in Los Angeles. Editing by Andre Grenon)

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DETROIT (Reuters) - Electric carmaker Tesla Motors Inc on Wednesday said it has paid off its U.S. Department of Energy loan, using money raised last week in a stock and notes offering.

The automaker said it wired $451.8 million to repay the full loan with interest.

"I would like to thank the Department of Energy and the members of Congress and their staffs that worked hard to create the (Advanced Technology Vehicle Manufacturing) program, and particularly the American taxpayer from whom these funds originate," Tesla Chief Executive Elon Musk said in a statement. "I hope we did you proud."

DOE officials touted the news. Republicans have criticized the administration's support of new-technology companies, including struggling automaker Fisker Automotive, as well as electric battery maker A123 Systems and solar panel maker Solyndra. Both A123 and Solyndra filed for bankruptcy.

"When you're talking about cutting-edge clean energy technologies, not every investment will succeed -- but today's repayment is the latest indication that the Energy Department's portfolio of more than 30 loans is delivering big results for the American economy while costing far less than anticipated," U.S. Energy Secretary Ernest Moniz said in a separate statement.

(Reporting by Ben Klayman in Detroit; Editing by Dan Grebler)

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SAN FRANCISCO (AP) — Hewlett-Packard's slump is deepening as the world's largest personal computer maker scrambles to meet the growing demand for more versatile and less expensive mobile devices.

A quarterly earnings report released Wednesday provided the evidence of Hewlett-Packard Co.'s deteriorating condition.

The results included the seventh consecutive decline in HP's quarterly revenue from the previous year. The 10 percent decrease in revenue during the three months ending in April represented the largest drop so far during the downturn.

HP earned $1.1 billion, or 55 cents per share, during its fiscal second quarter. That was down 32 percent from $1.6 billion, or 80 cents per share, last year.

Revenue in the period totaled $27.6 billion, down from nearly $30.7 billion last year.

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