Former Starbucks Corp (NASDAQ:SBUX) CEO Howard Schultz is leaving the company’s board of directors, according to a statement released Wednesday.
Schultz didn’t offer a reason for his resignation, but the coffee chain said it was part of a planned transition. Schultz, 70, will hold the title of chairman emeritus going forward.
“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.
Schultz previously served as CEO of Starbucks in three separate stints, the third of which ended in March. He was replaced by Laxman Narasimhan after 11 months.
During his time as CEO, Schult earned a reputation for union busting, which led to him being questioned by a Senate committee shortly after stepping down from the role.
On the board, Schultz will be replaced by former Alibaba senior advisor Wei Zhang. Zhang also served as president of Alibaba Pictures Group.
His time with the Chinese ecommerce company could help Starbucks in its second-largest market. Prior to Alibaba, she worked at News Corp (NASDAQ:NWS) China, CNBC China, Bain and General Electric (NYSE:GE). She currently also serves on Ralph Lauren’s board.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel