Yesterday, Starbucks veteran and current executive chair of the company Howard Schultz announced that he was stepping down from his role at the company. Instantly, the stock dropped more than 1% in after-hours trading.
The announcement may still be impacting Starbucks’ stock. Currently the price per share is in a nose-dive–down over 2% from last night’s closing price. While this is likely due to Schultz’s departure–he’s long been considered a major guiding force for Starbucks–other factors could also be at play too. For instance, the company remains the butt of negative social media, despite its heavily publicized nationwide anti-bias training for staff.