Starbucks Chairman Howard Schultz to step down
Starbucks Corp.'s Howard Schultz will step down as executive chairman and as member of the retailer's board at the end of the month, according to reports late Monday citing a memo sent to employees. Shares of Starbucks fell more than 2% after the news and recently pared losses. Schultz is credited with taking the coffee giant from a local Seattle chain to global powerhouse. Starbucks last month closed for one afternoon for employee anti-bias training, after a video of two men being handcuffed and removed by at least six police officers from a Philadelphia Starbucks went viral in April. The men were waiting for a business associate.