Starbucks' former CEO Schultz to retire from board

2 months ago 39

Reuters

September 13, 20238:49 PM UTCUpdated ago

Former Starbucks CEO Howard Schultz speaks during his book tour in Seattle Washington

Former Starbucks CEO Howard Schultz speaks during his book tour in Seattle, Washington, U.S., January 31, 2019. REUTERS/Jason Redmond/File Photo Acquire Licensing Rights

Sept 13 (Reuters) - Starbucks (SBUX.O) said on Wednesday former CEO Howard Schultz would step down from the company's board after 41 years with the coffeehouse chain.

Schultz stepped down as CEO in March after he took the reigns at the company for the third time.

The move comes when Starbucks is facing a wave of unionization across hundreds of its stores in the U.S, with CEO Laxman Narasimhan tasked with handling the labor unrest and wavering demand.

Shares of Starbucks were down nearly 1% in extended trading.

Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila

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