Starbucks chief executive Howard Schultz to step down

COO Kevin Johnson to become CEO but Schultz will continue as executive chairman

Starbucks Corp said Howard Schultz will be stepping down as chairman and chief executive officer of the coffee chain, but will continue as executive chairman.

Chief operating officer Kevin Johnson will replace Schultz as chief executive effective April 3rd, 2017.

Shares of the company were down 4 percent in after hours trading on Thursday.

– Reuters