Starbucks (NASDAQ:SBUX) CEO Howard Schultz said on a conference call that his replacement will be better prepared to handle the tech changes coming to the company. Kevin Johnson spent 33 years in the tech industry, including 10 years at Microsoft and 5 years at Juniper Networks as CEO.
Schultz reiterates that he's not leaving the company, but will shift focus to the Reserve Roasteries business.
The Starbucks founder is convinced that the U.S. is over-retailed. He says to survive traditional bricks-and-mortar retailers have to evolve their physical spaces into relevant customer destinations such as the Reserve concept.
The company plans to issue more details on long-term strategy at its Investor Day event next week in NYC.
Previously: Starbucks CEO to step down next April (Dec. 1)
SBUX -3.57% AH to $56.42.