Starbucks: Howard Schultz To Step Down As CEO

FILE - In this Wednesday, March 23, 2016, file photo, Starbucks CEO Howard Schultz walks in front of a photo of Starbucks baristas, at the coffee company's annual shareholders meeting in Seattle. Starbucks announced ... FILE - In this Wednesday, March 23, 2016, file photo, Starbucks CEO Howard Schultz walks in front of a photo of Starbucks baristas, at the coffee company's annual shareholders meeting in Seattle. Starbucks announced Thursday, Dec. 1, 2016, that Schultz is stepping down from the coffee chain that he joined more than 30 years ago, and that Kevin Johnson will become chief executive as of April 3, 2017. Schultz will become executive chairman on that date to focus on innovation and social impact activities, among other things. (AP Photo/Ted S. Warren, File) MORE LESS
Start your day with TPM.
Sign up for the Morning Memo newsletter

NEW YORK (AP) — Starbucks says CEO Howard Schultz, who transformed the chain into a global coffee brand, is stepping down from that role at the coffee chain that 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 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. 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 slowed more recently.

During an interview with CNN in September, Schultz publicly endorsed Democratic presidential nominee Hillary Clinton, and did not rule out running for office at some point.

Shares of Starbucks slid 3.6 percent 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.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Latest News
Comments
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Associate Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Associate Publisher:
Front End Developer:
Senior Designer: