After nearly 40 years, Howard Schultz will soon sip his Starbucks coffee from the seat of retirement.
On Monday, Schultz announced that he will step down as the coffee chain’s executive chairman of the board, effective June 26.
Mr. Schultz laid the groundwork for his eventual retirement in late 2016, when he stepped down as chief executive to lead an effort at the company to build high-end coffee shops aimed at refreshing its brand, which has been facing increasing competition from specialty roasters.
When Schultz became Starbucks’ executive chairman of the board, Kevin Johnson took over as the company’s chief executive, where he will remain after Schultz’s departure. Myron Ullman, JCPenny’s former chief executive, will become Starbucks’ executive chairman, and Mellody Hobson will become vice chair.