SEATTLE, U.S. – Starbucks Chairman and CEO Howard Schultz, who transformed the chain into a global coffee brand, is stepping down from the CEO post. Current president and COO Kevin Johnson will become CEO of the company, effective April 3.
The announcement surprised investors and caused the stock to tumble more than 10 percent. Starbucks shares have since recovered and are trading down 3.6 percent after-hours.
The transition will occur on April 3, 2017, and it will allow Schultz to focus on turning Starbucks’ Reserve-branded coffee bars into destination restaurants.
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