Starbucks handed the reins to incoming CEO Laxman Narasimhan

Starbucks said interim CEO and longtime leader Howard Schultz exited the role Monday, with his successor officially taking over and joining the company’s board. The company previously said Mr. Narasimhan would begin in his new role on April 1. The company's leadership handoff comes ahead of Thursday's annual shareholder meeting, where investors are expected to weigh several proposals pertaining to the coffee chain’s governance and management, including its response to a unionization drive.