Starbucks Corp said on Thursday Chief Financial Officer Scott Maw will retire at the end of November, sending its shares down 2 percent in morning trade.

The US coffee chain said it has launched an external search for a new chief financial officer to replace Maw, 50, who has been in the role since Feb. 2014.

Following his retirement, Maw will transition to a senior consultant role with the company until March 31, 2019, earning $250,000 per month, Starbucks said in regulatory filing.