According to the Associated Press, the move was "part of a planned transition."
Here are a few milestones Starbucks achieved under Schiltz's leadership:
1. Schultz bought Starbucks in 1987, heading it until 2007, and then again from 2008 to 2017.
2. Under Schultz, Starbucks became the pioneer of the work-from-cafe culture.
3. Every domestic outlet is Starbucks-owned because Schultz did not advocate franchising.
4. He returned from retirement to serve as interim CEO for 11 months until March 2023 when Laxman Narasimhan took over.
5. Starbucks had a value of $271 million at the time of its initial public offering in 1992, and it went on to double the number of stores and raise around $25 million in the following two years.
6. Schultz also considered running for presidential office independently in 2012, 2016, and 2020 but decided against it.