Starbucks says Schultz to step down as CEO, become chairman

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Starbucks chief executive officer Howard Schultz was paid more than $65 million in fiscal year 2011, including salary, bonuses and stock options. That places Schultz in the exclusive club of executives earning at least $50 million per year. Schultz earned a base pay of $1.4 million, a bonus of $2.9 million, and a "long-term incentive" of $12 million, according to Starbucks' proxy statement filed with Securities and Exchange Commission on Thursday, January 26, 2012. That "direct compensation" totals nearly $16.4 million. In addition, Starbucks said that Schultz received a retention bonus of $12 million and exercised stock options worth $36.8 million. So altogether, the CEO earned more than $65.2 million in 2011

NEW YORK — Starbucks says CEO Howard Schultz is stepping down from the coffee chain that he joined more than 30 years ago.

The Seattle-based company announced Thursday that Kevin Johnson will become chief executive as of April 3.

Schultz will become executive chairman on that date to focus on innovation and social impact activities, among other things.

Shares of Starbucks slid 3.6 percent to $56.44 in after-hours trading.

Johnson, currently president and chief operating officer, will take charge of the company’s global business and operations. He joined the Starbucks board in 2009 and has spent years at technology companies including 16 years with Microsoft and five as Juniper Networks CEO.