Starbucks announced that Chief Executive Officer Howard Schultz will leave office on 3 April next year, with Chief Operating Officer Kevin Johnson taking over. Schultz will be re-designated as Executive Chairman and focus on the innovation and research and development work of Starbucks' high-end brand Starbucks Reserve.
Affected by the news, Starbucks shares slipped 3.3% at close after trading hours. The market was worried that the successor was lack of retail experience.
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