Starbucks CEO Howard Schultz stepping down

Starbucks CEO Howard Schultz is stepping down from the position.

• Starbucks CEO Howard Schultz stepping down from role
• Schultz will take over innovation and social initiatives
• Schultz grew Starbucks to global coffee chain brand
  

He will become the Seattle-based company's executive chairman and focus on innovation and social activities, the Associated Press reported.

In a message to Starbucks employees, Schultz spoke of his "enduring love" for the company and called himself "incredibly excited" to work on projects such as the expansion of premium Starbucks Roasteries around the world.

Schultz joined Starbucks more than 30 years ago and grew the company to an international coffee brand. He returned as its CEO in 2008 and is credited with turning around the coffee chain's fortunes.

Starbucks President and COO Kevin Johnson will take over as CEO on April 3.

Information from the Associated Press contributed to this report.