Howard Schultz is stepping down from Starbucks' (SBUX) board of directors.

Starbucks shared the succession plans with Yahoo Finance on Wednesday after the market close, saying Schultz will "retire as director" and that it was "part of a planned transition."

Schultz founded the company back in the 1980s. He then served as CEO from 1986 to 2000, returning to the post from 2008 to 2017 and again from 2022 to 2023. The current CEO of Starbucks, Laxman Narasimhan, took the helm from Schultz on March 23, following a nearly six-month immersion experience at the company.

In the release, Schultz said he looks forward to "supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter and advocate in my role as chairman emeritus."

Wei Zhang will take Schultz's spot on Starbucks' board of directors, effective Oct. 1. Zhang most recently served as senior adviser to Alibaba Group and was president of Alibaba Pictures Group. She also serves on the board for Ralph Lauren.

Zhang will be the ninth director, and third woman, on the board after Land O'Lakes CEO Beth Ford joined the board earlier this year.

In the release, the board's chair Mellody Hobson called Zhang "an innovator and game changer" who "will help guide us as we continue to grow as a global company."

"Her addition to the board, combined with Laxman’s inspiring and strategic vision, proven operational effectiveness, and deep experience in both developed and developing markets, makes me confident that our best days are truly ahead of us," Hobson added.

Starbucks has been gaining ground globally. In the company's most recent quarter, revenue increased 12% to a record $9.2 billion. The company opened 588 new stores, bringing its total store count to 37,222 stores, with 51% company-operated and 49% licensed.

The US and China made up 61% of the company's portfolio, with 16,144 and 6,480 stores, respectively. Last September, Starbucks announced its 6,000th store opening in China.

Starbucks stock is down roughly 2% year to date but up around 9% compared to the same time period last year.

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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at [email protected].

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