Shelly Banjo, Columnist

Starbucks's New CEO Has Much To Prove

Howard Schultz is again leaving the company at a tenuous time.

December 1, 2016 at 11:04 PM UTC

Shelly Banjo leads the global business team for Bloomberg News in New York. A former New York bureau chief and senior tech writer, she’s covered business, finance and economics for two decades.

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New blood is good, right? Well, not exactly.

Starbucks Corp.'s stock dropped as much as 10 percent in after-market trading Thursday on news that CEO Howard Schultz is stepping down from the coffee chain he bought in 1987 and transformed into an $86 billion company.