Starbucks’ Howard Schultz is stepping down as CEO
Howard Schultz, shown March 23, is stepping down as Starbucks’ CEO and become the company’s executive chairman.
Starbucks Corp. Chief Executive Howard Schultz, who transformed the chain into a global coffee brand, is stepping down from that role at the company he joined more than 30 years ago.
The Seattle-based company announced Thursday that Kevin Johnson, who was named president and chief operating officer last year, will become chief executive April 3.
Schultz, currently chairman and CEO, will become executive chairman on that date to focus on innovation and social impact activities, among other things.
In a message to employees, he called himself “incredibly excited†to work on projects such as the expansion of premium Starbucks Roasteries around the world.
Schultz, 63, is credited with turning around the coffee chain’s fortunes since returning as its CEO in 2008. He has overseen the expansion of the company’s popular loyalty program and mobile app and worked to expand food and beverage offerings.
The company’s sales have grown impressively in the U.S., although they’ve recently slowed.
Schultz may have longer-term ambitions beyond the corporate sphere. During an interview with CNN in September, Schultz publicly endorsed Democratic presidential nominee Hillary Clinton, and he did not rule out running for office himself at some point. In his message to employees Thursday, he said he planned to extend his “focus on our social impact agenda.â€
Shares of Starbucks slid 3.6% to $56.44 in after-hours trading.
Johnson, 56, will take charge of the company’s global business and operations. He joined the Starbucks board in 2009 and has spent years at technology companies, including 16 years with Microsoft and five as Juniper Networks’ CEO.
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UPDATES:
2:20 p.m.: This article was updated with additional details and with comments from Schultz.
This article was originally published at 1:20 p.m.
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