Howard Schultz resigned as CEO of Starbucks two weeks earlier than anticipated, and Laxman Narasimhan will now lead the worldwide coffee business.

This concludes Schultz’s third tenure as the company’s leader. In the midst of severe labor unrest, he returned in April of last year to assist in stabilizing Starbucks’ stock price, and he was expected to leave the company on April 4.

Mellody Hobson, chair of the independent Starbucks board of directors, stated in a press release, “The board wants to express our sincere gratitude to our founder, Howard Schultz, for selflessly assuming the leadership mantle when asked, forgoing compensation and setting aside his own pursuits, for the love of our company and its partners.”

In October of 2022, Narasimhan assumed the position of incoming CEO and spent the last six months learning the firm. Throughout the period, he met with staff at over 30 stores and visited production factories and service centers throughout the globe.

Hobson stated that Laxman’s considerable expertise as a brand builder, developer, and operator, along with his extensive immersion in the industry, uniquely suited him to take Starbucks into its next chapter of growth. This immersion has increased Laxman’s grasp of the culture and values of Starbucks. During this time of learning and listening, he has already won over the hearts and minds of our global partners.”

On March 29, Schultz is still scheduled to testify before the Senate in response to union-busting allegations made against Starbucks.

On Thursday, Narasimhan will lead the company’s investor day for the first time.