Howard Schultz

To Howard Schultz, the chaos he observed at a Starbucks in Chicago one recent morning summed up the troubles of the company he long led as chairman and CEO. Commuters tumbled off trains and into a Starbucks store to pick up the orders they had placed on their cellphones. Drinks weren't ready when the mobile app said they would be. Customers couldn't tell which beverage was theirs. Everyone shows up and all of a sudden we've got a mosh pit, Schultz said during a June episode of the podcast Acquired. That's not Starbucks. Fifty-three years after its founding, the Seattle coffee giant is unhappy with what it's become and trying to figure out how to meet customers' changing needs without losing its coffeehouse roots. To recapture what once made it special and turn around sagging sales Starbucks is turning to Brian Niccol, an experienced marketer who previously led Taco Bell and Chipotle. Niccol takes over as Starbucks' chairman and chief executive on Monday. With nearly 40,000 stor

Schultz said he realized through the employee sessions that 'there's been many short-term decisions that have had an adverse long-term effect on the company'

Shares closed more than 3% lower. Analysts predicted the suspension to knock 2 to 3% off earnings in fiscal 2023.

Schultz said in the letter that he will travel in coming weeks to meet with employees

Business Standard brings you top news of the evening

Schultz will resign from Starbucks' board and be named chairman emeritus on June 26, the company said

Schultz, 63, will be succeeded by his close friend Kevin Johnson, the company's current president and a long-time Starbucks board member