Starbucks founder Howard Schultz is stepping down from the company’s board effective Wednesday, the company said.

Schultz, who bought Starbucks from its original owners in 1987, built the company into a global coffee powerhouse with more than 36,000 locations in countries from the US to Japan.

The 70-year-old served as chief executive officer three times, coming back twice to steer the company after it faltered under his successors. Last year, he picked and trained seasoned executive Laxman Narasimhan, 56, as the first outside CEO to lead Starbucks.

Also Wednesday, the company appointed Wei Zhang, formerly a senior adviser to Alibaba Group, as a director starting Oct. 1. In an earlier role, Zhang led the Chinese conglomerate’s international business and media strategy. China, Starbucks’ second-largest market, is crucial to its growth prospects.

Narasimhan leads a company much different than the one Schultz founded. These days, 75% of drinks sold by Starbucks are cold, and customers are increasingly ordering beverages to go on its app and at drive-thrus. Guests are also customizing already handcrafted drinks even more.

The company’s shares fell 3% this year through Tuesday’s close, while the S&P 500 restaurants index rose 6.7%.