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Business

Starbucks CEO Howard Schultz to step down

Opening sequence

Opening sequence

Business

Starbucks CEO Howard Schultz to step down

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COMING UP:Starbucks CEO Howard Schultz to step down

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Transcript

00:00:01
>> The man who helped put a Starbucks on seemingly every corner of urban America and beyond is stepping down. Howard Schultz saying Thursday, he'll end his stand as CEO next year. Schultz return to Starbucks in 2008 after several years away as the company stumbled. This time around, the 63 year old has tried to use the company's clout to take a stand on various social issues.
00:00:24
Reuters editor, Peters Henderson.>> Howard Schultz has never shied from wading into big political national battles. Whether it has to do with gun control, student debt, national debt, and that's happened especially so since he's come back as CEO of the company. So a big question is whether as he transitions to this secondary role, will he continue to focus on Starbucks?
00:00:50
Or will he want to transition to a role outside, maybe in politics or another one on the national stage?>> Schultz will stay on as Executive Chairman, focusing on those social issue and pushing Starbucks' move into the high-end coffee market. Come April, Schultz will be replaced by Kevin Johnson, the Chief Operating Officer, who helped bring wireless internet to Starbucks back when he was an executive at another Seattle powerhouse, Microsoft.
00:01:16
Shares fell on the news that Schultz is stepping back.