Schultz to step down as CEO of coffee chain Starbucks

Starbucks CEO Howard Schultz will step down from his role at the global coffee chain in April, moving down the pecking order to the position of executive chairman.

Schultz will take over a role which will have a focus on Starbucks Reserve Roasteries, a new premium experience that the company plans to invest in heavily.

He has been in the CEO position since 2008, overseeing the company's operations in time where it has grown significantly and expanded its operations in China. He is expected to be replaced by current president and chief operating officer Kevin Johnson.

Schultz was eager to express that he was not leaving the company, but taking on a different role.

"In all my years at Starbucks I have never been more energized or exhilarated about the opportunities that lie ahead," Schultz said in a conference call Thursday afternoon. "I'm not leaving the company. I'm here every single day, and I'm going to contribute to what I consider a significant growth opportunity."

The businessman bought Starbucks in the late 1980s, and previously stepped down from the role of CEO in 2002 also, returning in 2008 to aid the company as it fought against the global recession instigated by the financial crisis.

During the conference call he praised Johnson, saying that he and his team would provide strong leadership for the company.

"As I focus on Starbucks next wave of retail innovation, I am delighted that Kevin Johnson has agreed to assume the duties of Starbucks chief executive officer."

"This move ideally positions Starbucks to continue profitably growing our core business around the world into the future," Schultz added.