Starbucks brings back Schultz to replace CEO

SEATTLE — Starbucks Corp. said Monday it is bringing its chairman and former chief executive, Howard Schultz, back to lead a major restructuring initiative, replacing CEO Jim Donald.

Starbucks said the leadership shuffle is part of a series of initiatives to increase shareholder value, which also include closing underperforming U.S. stores and slowing the pace of store openings.

Schultz said he is returning to the CEO role "for the long term." The incoming CEO said his agenda will also include streamlining the company's management and accelerating expansion outside the U.S.

Schultz previously served as CEO from 1987 to 2000.

The coffee chain has slipped recently as consumers have restricted spending due to declining home values and higher fuel prices. Meanwhile, competitors like Dunkin' Donuts and McDonald's Corp. have cut into Starbucks' customer base by launching their own lines of gourmet coffee.