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Schultz Stepping Down as Starbucks CEO; Will be Executive Chairman

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    Schultz Stepping Down as Starbucks CEO; Will be Executive Chairman
    AP
    In this Wednesday, March 23, 2016, file photo, Starbucks CEO Howard Schultz speaks at the coffee company's annual shareholders meeting in Seattle.

    Starbucks Chairman and CEO Howard Schultz will leave his post as the company's chief executive, the company said Thursday.

    Schultz will become the company's executive chairman, and current President and COO Kevin Johnson will become Starbucks' next CEO.

    The changes will take place on April 3, the company said.

    Starbucks shares dipped about 4 percent in after hours trading following the news of the planned leadership transition.

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    Schultz first joined Starbucks in 1982 as director of operations and marketing when the company only had four stores, according to Starbucks.