Starbucks Corporation announced that Howard Schultz quits CEO position. Schultz, who led the Seattle-based company's expansion from a boutique roastery into a coffee giant, will remain
on the board of directors after the new CEO takes over, the company said. Schultz took over as interim chief after CEO Kevin Johnson announced he would step down in March. He rejoined the company as its interim CEO in April, when Kevin Johnson retired after four years in the role and 13 years at the company. This is Schultz's third run as CEO. He had taken over for the second time before Johnson's appointment. His return earlier this year pleased investors. JPMorgan analysts John Ivankoe, Rahul Krotthapalli and Jared Hludzinski said they expect Schultz to increase spending to fuel growth.