Jim Cramer knows that Starbucks' success is "deeply linked" to CEO Howard Schultz and said his coming departure as the company's chief signals the end of an era.
"I don't want the era to end, because the era was a great one," he said on CNBC's "Closing Bell" on Thursday.
Starbucks COO Kevin Johnson is slated to replace Schultz, who will become executive chairman. Cramer said he has known Johnson for a long time and always knew when he came in that Schultz could transition out of the role.
"Howard Schultz built an empire, a fantastic company. He has stepped aside once before and the stock did not do well," Cramer said.
This time, Schultz is not stepping aside from Starbucks. In addition to his role as executive chairman, Schultz will devote his time to opening high-end Roastery coffee shops.