Sep 13, 2023 - Economy

Howard Shultz abruptly retires from Starbucks board

Rebecca Falconer

Former Starbucks CEO Howard Schultz testifies before the Senate Health, Education, Labor, and Pensions Committee in the Dirksen Senate Office Building on Capitol Hill on March 29, 2023 in Washington, DC. — 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.

Go deeper: Starbucks of the future means faster drinks, updated mobile app

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Howard Shultz abruptly retires from Starbucks board

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