After Starbucks announced a new succession plan last week, Howard Shultz said he wouldn't return as CEO.
He said on CNBC's "Squawk Box" that he wouldn't come back again.
Laxman Narasimhan will be the CEO of the coffee company in April. After Narasimhan succeeds him, he will act as an advisor.
After Kevin Johnson retired, Starbucks CEO Howard Shultz came back for a third time. He held firm to his promise that his current stretch would only last a short time.
When Johnson decided to retire, he said he had no plans to return to Starbucks. From 1986 to 2000 he was the CEO of the Seattle coffee chain. He contemplated running for president before the 2020 election.
While Narasimhan hasn't officially joined Starbucks yet, he has gotten to know his successor "very well." At McKinsey, Narasimhan held a number of different positions.
Wall Street didn't react much to Narasimhan's appointment. The decline in the stock price was caused by the departure of Shultz.
Starbucks will host an investor day in Seattle on Tuesday, when the company is expected to reveal more details about its plan.
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