CEO Howard Schultz stepping down in April
The Associated Upon Posted: Dec 07, 2016 11:50 AM ET Last Updated: Dec 07, 2016 11:50 AM ET
Starbucks plans to open 12,000 new locations within five years, raising the total number of its coffee shops worldwide by almost 50 per cent.
The Seattle brewer surveyed its growth plans before investors in New York Wednesday, about a week after it intimated that Howard Schultz, who has built Starbucks into a global brand name with 25,000 locations since joining the com ny more than 30 years ago, would out of tune with down as CEO in April.
Schultz, who becomes executive chairman, will be renewed as CEO by Chief Operating Officer Kevin Johnson. Shares of Starbucks Corp. must declined about two per cent since the announcement.
Schultz stressed again Wednesday that he wasn’t sanction Starbucks, and that he plans to oversee the growth of its high-end stores, appeal to c visit canceled Starbucks Reserve Roasteries.