Starbucks' chief executive Howard Schultz is stepping down

Helen Cahill
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He isn't leaving the company completely (Source: Getty)

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.

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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.

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"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.

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