Seattle, WA – Howard Schultz, the influential figure behind Starbucks, is stepping down from his position on the board of directors of the coffee giant, as part of what the company describes as a planned transition. Starbucks officially revealed this news to Yahoo Finance following the close of the market on Wednesday.

Schultz, who originally founded Starbucks in the 1980s, has had a storied history with the company. He served as CEO from 1986 to 2000, returned to the role from 2008 to 2017, and once again briefly took the reins from 2022 to 2023. The current CEO of Starbucks, Laxman Narasimhan, assumed leadership on March 23rd, following an extensive six-month immersion period within the organization.

In an official statement, Schultz expressed his anticipation for the future, saying, “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.”

Effective October 1st, Wei Zhang will assume Schultz’s position on Starbucks’ board of directors. Zhang, a former senior adviser to Alibaba Group and president of Alibaba Pictures Group, brings a wealth of experience to the role. She also serves on the board of Ralph Lauren. Zhang will become the ninth director on the board, and notably, the third woman, following Land O’Lakes CEO Beth Ford’s earlier appointment to the board this year.

Mellody Hobson, the chair of Starbucks’ board, referred to Zhang as “an innovator and game changer” in an official statement, emphasizing that her addition to the board will play a pivotal role as the company continues to expand globally. Hobson also praised Laxman Narasimhan for his strategic vision and operational effectiveness, expressing confidence that Starbucks’ best days lie ahead.

Starbucks has been making significant strides in the global market, with its most recent quarterly report indicating a 12% increase in revenue, reaching a record $9.2 billion. The company expanded by opening 588 new stores, bringing the total store count to an impressive 37,222, with a near-even split between company-operated and licensed stores.

The United States and China remain key components of Starbucks’ portfolio, accounting for 61% of the company’s presence, boasting 16,144 and 6,480 stores, respectively. Starbucks reached a milestone last September with the opening of its 6,000th store in China.

While Starbucks stock has experienced a 2% decline year-to-date, it remains approximately 9% higher compared to the same period last year.