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Coffee chain replaces CEO Jim Donald with Chairman Howard Schultz; plans to close underperforming stores. Shares rise 9 percent in after-hours trade.
SEATTLE (AP) -- Starbucks Corp. said Monday it is returning its chairman, Howard Schultz, to the chief executive's job to lead a major restructuring initiative, replacing CEO Jim Donald.
The move, coupled with plans to open new U.S. stores at a slower pace, comes as the world's largest chain of coffee houses has seen its stock plummet 50 percent over the last year amid declining traffic in its domestic stores.
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