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Starbucks CEO steps down
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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. 
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