As an announcement that somewhat shocked investors and sent company stocks downwards, Starbucks’ CEO and Chairman Howard Schultz announced that he’d be passing the torch to current COO Kevin Johnson to assume the position of CEO on April 3, 2017.

Schultz will not be leaving the company, but instead, he will shift his focus to Starbucks’ Reserve and Roastery store concepts as well as its social initiatives, while remaining as executive chairman. Schultz’s legacy traces back to the days when Starbucks only operated four stores, when he joined the company as director of operations and marketing.

Kevin Johnson has been both COO and president of Starbucks since 2015, with former top-level roles at Juniper Networks and Microsoft.

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