Howard Schultz, former Starbucks CEO, steps down from company’s board

Former Starbucks CEO Howard Schultz is stepping down from the coffee chain’s board, the company said Wednesday.

“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.

The company said the change was part of a planned transition, but Schultz, 70, didn’t provide a reason for his exit.