Starbucks shares are sliding in after-hours trading Monday, down 1.28%, after the company announced Howard Schultz is stepping down as chairman. The news was first reported by a the New York Times’ Andrew Ross Sorkin.
“There are no words to fully express our gratitude to Howard for the extraordinary company he has built,” CEO Kevin Johnson said in a press release.
“He’s helped Starbucks earn the respect of millions around the world by always being true to a higher calling, and always being bold in creating a better future. He’s taught all of us that it’s possible to be a very different kind of public company. That must, and will, continue on my watch.”
Schultz, who has had two stints as the coffee giant’s CEO, is rumored to be making a run at President for the 2020 election. “I want to be of service to our country, but that doesn’t mean I need to run for public office to accomplish that,” he told Sorkin.
Starbucks is down 2.26% on the year.
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