Starbucks CEO Smith to Retire

Starbucks (SBUX Quote) is stirring up its leadership ranks.

Company CEO Orin Smith, 62, plans to retire next year and will be replaced by Jim Donald, the president of the company's North American operations. Additionally, the company is promoting Jim Alling, its executive vice president of U.S. business operations, to president of the company's U.S. business.

"It is with both deep admiration and gratitude that we accept Orin's decision to retire," said Starbucks Chairman Howard Schultz in a statement. "Jim [Donald's] promotion in March ... demonstrates the strength and depth of the senior leadership team."

Smith's retirement and Donald's promotion will be effective March 31. Alling's promotion is effective immediately. ...