Starbuck’s (SBUX) CEO Howard Schultz Has Stepped Down

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Shares of Starbucks had a rocky morning of trading before the bell rang on Friday. The coffee powerhouse announced that its CEO Howard Schultz was leaving his post and it sent shares falling 3% in pre-market trading.

Starbucks made the announcement on Thursday, that effective April 3, President and COO Kevin Johnson will become Starbucks’ next chief executive , while Schultz becomes the company’s executive chairman.

Schultz has had a long history with the company, and was CEO from 1987 to 2000. He had returned to the position in 2008.

“I can’t try to be Howard. I’m not Howard.” Johnson said, and has said that he wants be authentic in his new role.

Disclaimer: We have no position in Starbucks Corporation (NASDAQ: SBUX) and have not been compensated for this article.