Howard Schultz will be stepping down as chief executive officer of Starbucks Corporation
The stock is down about 4 percent at $56.30 in the after-hours session.
TheStreet's Brian Sozzi
Schultz actually stepped down as Starbucks CEO from 2000-2008. Schultz became Fortune magazine's "2011 Businessperson of the Year" for his initiatives in the economy and job market.
Since his return in 2008, the stock has grown from $9 per share to $60 per share. The stock is down about 6 percent over the past year.
Schultz will remain chair of the company.
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