Changes are on the way at Starbucks - its CEO Howard Schultz is leaving his position to be replaced by his tech-minded understudy, Kevin Johnson who is the company's current chief operating officer.

This is expected to ensure that the company continues to look towards tech innovations to stay ahead of its competitors.

Reserve Roastery

However, Mr Schultz will not leave the company, he will lead the team developing its Reserve Roastery and Tasting Room - a third generation coffee brand which the company hopes to establish as a rival to high-end craft-style chains such as Stumptown and Intelligentsia.

This is the end of his second stint as Starbucks CEO - he is also a former owner of the Seattle SuperSonics NBA franchise.

The company's shares took a hit in after-hours trading last night as this news created uncertainty.

Mobile payments now account for almost 25% of the firm's US transactions.

Its app sets it ahead of its rivals, offering services like pre-ordering your morning coffee for collection in store.