Starbucks Corp (SBUX.O) said Howard Schultz will be stepping down as chairman and chief executive officer of the coffee chain, but will continue as executive chairman.Chief Operating Officer Kevin Johnson will replace Schultz as chief executive effective April 3, 2017.
Shares of the company were down 4 percent in after hours trading on Thursday.
(Reporting by Gayathree Ganesan in Bengaluru; Editing by Shounak Dasgupta)
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Updated Date: Dec 02, 2016 03:30 AM