Starbucks Shares Fall On Announced CEO Departure

By Markets MarketWatch Pulse

Starbucks Corp, shares fell in the extended session Thursday after the coffee chain announced that Howard Schultz would be stepping down as chief executive in April. Starbucks shares fell 4% to $56.18 after hours. President and Chief Operating Officer Kevin Johnson will be appointed CEO. Schultz will remain as executive chairman and will focus on "retail innovation and accelerating growth of Starbucks ultra-premium retail formats," the company said in a statement.

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