Starbucks Founder Howard Schultz Steps Down From Board (1)

Starbucks Corp. founder Howard Schultz is stepping down from the company’s board effective Wednesday, the company said.

Schultz, who bought Starbucks from its original owners in 1987, built the company into a global coffee powerhouse with more than 36,000 locations in countries from the US to Japan. He also positioned the chain as a “third place” between home and work where guests could linger and sip on espresso.

Howard Schultz at a Senate hearing in March.

Photographer: Al Drago/Bloomberg

The 70-year-old chairman emeritus served as chief executive officer three times, coming back twice to steer the company after it faltered under his successors. Last year, he picked and trained seasoned ...