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Last time Howard Schultz stepped down at Starbucks, shares cratered

Shares of Starbucks Corp. fell in the extended session Thursday after Howard Schultz said he was stepping down, yet again, as the chief executive of the coffee retailer.

Starbucks SBUX, +0.93% shares, which at one point dropped as much as 11% after the news broke, declined 3.3% to $56.58 in after-hours trading. The company said Kevin Johnson, the current president and chief operating officer, will take the CEO reins on April 3.

Thursday’s after-hours Starbucks action.

Thursday’s drop carries with it a sense of foreboding, as this isn’t the first time Schultz has stepped down as CEO. Back on April 6, 2000, Starbucks announced that Schultz was stepping down after a 13-year run to focus on the company’s global strategy.

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