Starbucks Executive Chairman Howard Schultz, who spent 40 years with the company, will step down June 26.
Here are five things to know about Mr. Schultz's departure:
1. Under Mr. Schultz's leadership, Starbucks expanded from 11 stores to 28,000-plus stores across 77 countries. The company also delivered a 21,000 percent gain in the value of its stock since Starbucks' 1992 initial public offering.
2. Mr. Schultz transitioned into the executive chairman position from the company's CEO role in April 2017. At the time, Kevin Johnson took over as CEO.
3. Mr. Schultz will be honored with the title of chairman emeritus once he steps down. After he leaves the board at the end of June, Mr. Schultz will oversee Starbucks' entry into Italy with the opening of a Reserve Roastery in Milan Sept. 6.
4. Effective upon Mr. Schultz's retirement, Myron Ullman will become the company's board chair, and Mellody Hobson will become vice chair of the board.
5. Mr. Schultz's departure is fueling speculation that the former executive will run for political office in 2020, according to The Wall Street Journal.