Starbucks CEO Howard Schultz Is Stepping Down

December 1, 2016

But he’s staying with the company

Howard Schultz, chief executive officer at Seattle-based coffee giant Starbucks, is taking on a new role with the company. Schultz is stepping down as CEO, he announced Thursday, and he will take the position of executive chairman. Starbucks chief operating officer Kevin Johnson will replace Schultz as CEO.

The changes will take effect on April 3, 2017, and going forward, Schultz will focus on the company’s fancy Reserve brand. In a statement, he said the move “ideally positions Starbucks to continue profitably growing our core business around the world into the future.”

Schultz served