Starbucks Corp (NASDAQ:SBUX) announced on Wednesday that founder and former CEO Howard Schultz is leaving the coffee chain's board effective immediately.

The move follows his departure as CEO in March of this year.

Reflecting on his 41-year tenure, Schultz thanked the company's employees and shareholders, and gave his support for the next generation of Starbucks leadership.

Since Starbucks' IPO on June 26, 1992, the company has seen its share price surge about 36,000%, yielding a total return of about 41,000%, outpacing the S&P 500's 1,000% return over the same time frame, the company said in a press release.

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Mellody Hobson, chair of the Starbucks board, praised Schultz’s leadership and dedication. She highlighted his 2022 return as CEO in which he prioritized the company and its shareholders.

Starbucks elected former senior advisor to Alibaba Holding Group (NYSE:BABA) and president of Alibaba Pictures Group Wei Zhang to its board, effective Oct. 1. Her portfolio includes leadership roles at News Corp China, CNBC China, Bain & Company and General Electric Co (NYSE:GM).

Zhang currently sits on Ralph Lauren Corp’s (NYSE:RL) board.

The Starbucks board comprises Hobson, Richard Allison, Andy Campion, Beth Ford, Jørgen Vig Knudstorp, Satya Nadella and Laxman Narasimhan.

SBUX Price action: Shares of Starbucks are trading 0.765% lower to $96.30 in Wednesday's after hours session, according to data from Benzinga Pro.

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