Howard Schultz Stepping Down as Starbucks CEO

Howard Schultz is stepping down as chief executive of Starbucks Corp., the Wall Street Journal reported on Thursday. He will, however, maintain a chairman position with the coffee titan, as he intends to devote his time to developing a new high-end coffee shop for the coffeehouse chain that first opened in 1971. “I don’t have any time horizon that would limit my engagement in the company,” he told the newspaper. “This gives me the entrepreneurial freedom to do what I think I do best.” According to Schultz, the opening of high-end shops would help the company compete against online shopping and incentivize customers to leave their home for a more luxurious drinking experience.