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Starbucks Corporation stated transitions to its Board of Directors. It especially confirmed that its former chief executive officer, Howard Schultz, is vacating his seat from the chain's board.
Schultz did not say his exact reason for his departure, but Starbucks said the change is part of a transition plan. As per CNBC, the 70-year-old's third stint as the coffee chain's CEO concluded in March, and Laxman Narasimhan replaced him then.
After finishing three terms, the executive previously told CNBC that he has no plans to take the CEO role again in the company. In any case, Schultz is stepping down from the board, and Starbucks announced that Wei Zhang has been elected to take his Board of Directors seat.
Zhang worked as a senior advisor of China's Alibaba company. She also served as president of the Alibaba Pictures Group. The other directors believe that her experience with the e-commerce firm will help Starbucks recover in China, which means getting more customers and increasing its sales.
Meanwhile, with Schultz's retirement from Starbucks, the company has honored him by designating him as chairman emeritus. CNN Business further reported that the coffee giant said the outgoing leader will use his retirement to focus on his wife and engage in various philanthropic and entrepreneurial investments.
"Howard's vision, courage and deep love and responsibility for partners and this company created a blueprint for us all in how to lead through the lens of humanity," Starbucks' Board of Director Chairman Mellody Hobson said in a statement. "On behalf of the board, I offer my deepest thanks and appreciation to him as he steps down. We will forever be inspired by his passion, heart, spirit, and commitment to the power of human connection, and we remain grateful for his support of our leaders and confidence in the company."
Photo by: Jason Yuen/Unsplash
