Starbucks Corp.’s Howard Schultz, who built the coffee empire and served two separate stints as chief executive officer, will step down next year, handing the reins to Chief Operating Officer Kevin Johnson.
Johnson, a former technology executive who joined Starbucks’ board seven years ago, will take the CEO job on April 3, the Seattle-based company said in a statement on Thursday.
Starbucks shares fell 4.9 percent to $55.64 at 4:03 p.m. in late trading in New York after the change was announced. The shares already were down 2.5 percent this year through Thursday’s close.