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News > Companies
Starbucks CEO steps down
April 6, 2000: 5:41 p.m. ET

Schultz to concentrate on global strategy; COO Smith to take the helm
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NEW YORK (CNNfn) - Starbucks Chairman and Chief Executive Howard Schultz announced Thursday he is vacating the coffee company's top slot to concentrate on global strategy.
    President and Chief Operating Officer Orin Smith will succeed Schultz effective June 1, and Schultz will move to the new position of chief global strategist.
    During Schultz's tenure, Starbuck grew from 45 stores to more than 2,800, with revenue jumping from $19 million to more than $2 billion. Smith hopes to expand the company's presence worldwide and have 500 stores in the Pacific Rim and 500 stores in Asia by 2003.
    Starbucks currently has more than 350 stores outside in the Middle East, the Pacific Rim and the United Kingdom.
    "We believe that we are still in the very early days of Starbucks growth cycle and that we can surpass 20,000 Starbucks stores worldwide," Schultz said in a press release.
    Shares of Starbucks (SBUX: Research, Estimates) fell 2 to 37-9/16 on the Nasdaq. Back to top





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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.