Starbucks Executive Chairman Howard Schultz Stepping Down

NEW YORK (CBSLA/AP) — Starbucks is losing its longtime leader: Howard Schultz is stepping down as executive chairman later this month.

Schultz, who oversaw the transformation of Starbucks from a Seattle outpost with 11 shops into a global chain with more than 28,000 locations, had left the CEO job at the company last year to focus on innovation and social impact projects.

In a news release issued Monday afternoon, Starbucks says Schultz will have the title of chairman emeritus as of June 26. It says he is writing a book about Starbucks' social impact efforts.

Schultz has been with Starbucks since 1981. He is credited with growing the brand to its internationally dominant position, with outposts in 77 countries worldwide. Starbucks says it now employs 330,000 people globally.

Starbucks said Myron E. "Mike" Ullman would be the new chairman of the board upon Schultz's retirement.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

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