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Starbucks CEO Howard Schultz steps down to focus on high-end coffee, shares fall

Schultz said he would focus on building ultra-premium Reserve stores and showcase Roastery and Tasting Rooms

Reuters 

Starbucks Corp co-founder Howard Schultz will step down as chief executive to focus on new high-end coffee shops, handing the top job to Chief Operating Officer Kevin Johnson, a long-time technology executive. Schultz, who will become executive chairman in April 2017, said he would focus on building ultra-premium Reserve stores and showcase Roastery and Tasting Rooms around the world as well as setting the brand's "social impact agenda" that includes sending employees to college and recruiting veterans. Starbucks had signaled the change in July, but its shares fell ...

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First Published: Mon, December 05 2016. 08:02 IST
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