Howard Schultz, the chairman of Starbucks, is returning to the post of chief executive, replacing Jim Donald, in response to a sharp fall in its shares and growing anxieties about the impact of rapid growth on the company’s brand and performance.

A company statement said the move was part of a set of initiatives aimed at “refocusing the company on providing customers with the distinctive Starbucks experience, and building on Starbucks’ legacy of innovation”.