An era has ended in the history Starbucks as Howard Schultz announced his resignation as CEO of the world's most popular coffee franchise.The announcement sent shock waves across many investors , with Starbucks witnessing 10% drop in its shares in the stock market. They have since recovered and are trading down 3.6 percent after-hours, CNBC news revealed.
Kevin Johnson, the current president and COO of Starbucks is set to take over his role. Schultz on the other hand is not leaving Starbucks completely, he will now be serving as an Executive Chairman.
In a news release Schultz said...
"As I focus on Starbucks next wave of retail innovation, I am delighted that Kevin Johnson — our current president, COO, a seven-year board member and my partner in running every facet of Starbucks business over the last two years — has agreed to assume the duties of Starbucks chief executive officer. This move ideally positions Starbucks to continue profitably growing our core business around the world into the future."
The transition which occurred on April 3, 2017, will allow Schultz focus on turning Starbucks' Reserve-branded coffee bars into destination restaurants.
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