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Starbucks says former CEO Schultz to leave board; adds director

September 13, 2023 4:46 PM EDT -- Starbucks Corporation (NASDAQ: SBUX) said chairman emeritus Howard Schultz would step down from its board effective today as part of a planned transition.

Shares were down 1% in after-hours trading. Schultz also stepped down as CEO earlier this year, his third stint in the job.

“I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus,” Schultz said in a statement.

Laxman Narasimhan, a former PepsiCo (NASDAQ: PEP) executive, succeeded Schultz as CEO.

The coffee retailer also said it added another director to its board. Wei Zhang, most recently a senior advisor to Alibaba (NYSE: BABA) Group and the former president of Alibaba Pictures Group, will become Starbucks’ ninth director.

Beth Ford (NYSE: F), the CEO of Land O'Lakes Inc., was elected to the Starbucks board earlier this year.

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