Starbucks boss Schultz to step down


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The chief executive of the Starbucks coffee chain, Howard Schultz, is stepping down from his role.

Mr Schultz will become executive chairman and will change his focus to growing new Starbucks luxury brands.

He will be replaced by the current number two, Kevin Johnson, who has been on the board for seven years.

Mr Schultz, who has been at the company for 30 years, drove much of its expansion, with the firm reporting record profits last month.

“Starbucks consistently outperforms the retail industry because our stores, our offerings and the experiences our partners create make us a destination,” Mr Schultz said in a statement.

He said that the firm was “ideally positioned” to continue its growth with Mr Johnson at the helm.

Mr Schultz said he would work on the innovation, design and development of the more high-end Starbucks Reserve Roasteries around the world, as well as the company’s social impact initiatives.

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