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Fortune

Chloe Taylor

How Howard Schultz got Starbucks back on track in his third stint as CEO

Howard Schultz Starbucks Laxman Narasimhan Fortune

Starbucks Chairman and CEO Howard Schultz speaks during Starbucks annual shareholders meeting March 18, 2015 in Seattle, Washington. (Credit: Stephen Brashear—Getty Images)

Starbucks founder Howard Schultz is stepping down as the company’s CEO—a position he has held three times—earlier than expected, it was announced on Monday.

Laxman Narasimhan, who was named incoming CEO in September, would be assuming the role effective immediately and will join the company’s board of directors, Starbucks said in a statement.

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