Starbucks chief executive Howard Schultz to step down
COO Kevin Johnson to become CEO but Schultz will continue as executive chairman
Howard Schultz is reported to be stepping down as Starbucks chief executive to focus on opening high-end shops for the company. Photograph: Stephen Brashear/Getty
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.