Starbucks CEO Howard Schultz Is Stepping Down

He's going to focus on innovation at the company instead
By Newser Editors and Wire Services
Posted Dec 1, 2016 4:08 PM CST
Starbucks CEO Howard Schultz Is Stepping Down
Starbucks CEO Howard Schultz is stepping down to focus on the creative side of things.   (AP Photo/Ted S. Warren, File)

Starbucks says CEO Howard Schultz is stepping down from that role at the coffee chain that he joined more than 30 years ago, the AP reports. The company announced Thursday that Kevin Johnson will become chief executive as of 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. Shares of Starbucks slid 3.6% to $56.44 in after-hours trading.

Johnson, currently Starbucks' president and chief operating officer, 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. (Read more Starbucks stories.)

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