Starbucks CEO Howard Schultz Is Stepping Down

Starbucks says CEO Howard Schultz is stepping down from that role at the coffee chain that he joined more than 30 years ago, the AP reports. The company announced Thursday that Kevin Johnson will become chief executive as of April 3. Schultz, currently chairman and CEO, will become executive chairman on that date to focus on innovation and social impact activities, among other things. Shares of Starbucks slid 3.6% to $56.44 in after-hours trading.

Johnson, currently Starbucks' president and chief operating officer, will take charge of the company's global business and operations. He joined the Starbucks board in 2009 and has spent years at technology companies including 16 years with Microsoft and five as Juniper Networks CEO. (More Starbucks stories.)