Former Starbucks CEO Howard Schultz testifies during a Senate hearing on Capitol Hill in March. Photo: Anna Moneymaker/Getty Images
Former Starbucks CEO Howard Schultz stepped down from the coffee chain's board with immediate effect, the company announced Wednesday.
Yes, but: Starbucks is honoring the 70-year-old retiring from the board of directors by naming Schultz as a "lifelong Chairman Emeritus," per a company statement.
Driving the news: Starbucks' statement said the move was "part of a planned transition."
- Schultz said in a statement he looked forward "to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus."
The big picture: Laxman Narasimhan replaced Schultz as Starbucks' CEO in March.
- Schultz returned as Starbucks CEO in April 2022 in an interim capacity, taking an aggressive stance on baristas seeking to unionize that saw him grilled at a Senate hearing over allegations that the company had violated labor laws.
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