Starbucks' chairman and chief executive Howard Schultz is stepping down from his job as chief executive.
He will take up a position as the coffee business' executive chairman, and Starbucks' current president and chief operating officer will become the new chief executive. The change in positions will take place on 3 April.
In after hours trading, Starbucks' shares fell over three per cent on the new.
Schultz said: "As I focus on Starbucks next wave of retail innovation, I am delighted that Kevin Johnson — our current president, chief operating officer, a seven-year board member and my partner in running every facet of Starbucks business over the last two years — has agreed to assume the duties of Starbucks chief executive officer.
"This move ideally positions Starbucks to continue profitably growing our core business around the world into the future."
The move has sparked rumours that Schultz will be looking for a political career. He has supported both Hillary Clinton and President Barack Obama. Now, there's speculation that he is considering a bid for President himself.