Starbucks CEO Kevin Johnson is retiring and Howard Schultz is set to return as interim CEO, returning to the position for a third time as the company's head, the company announced Wednesday.
“A year ago, I signaled to the Board that as the global pandemic neared an end, I would be considering retirement from Starbucks. I feel this is a natural bookend to my 13 years with the company," Johnson said in a release issued by the coffee giant.
"As I make this transition, we are very fortunate to have a founder who is able to step in on an interim basis, giving the Board time to further explore potential candidates and make the right long-term succession decision for the company,” Johnson continued.
Johnson is retiring after having been CEO for five years. News of Schultz's return as CEO gave the company's shares a 6 percent increase ahead of its annual shareholder meeting slotted for Wednesday, reports CNBC.
According to the company's news release, under Schultz's leadership from 1987 to 2018, Starbucks rose from 11 stores to more than 28,000 stores in 77 nations across the globe.
“When you love something, you have a deep sense of responsibility to help when called. Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish,” said Schultz, 68, in the release.
Starbucks noted that Schultz is volunteering his time as temporary CEO while the company seeks a more permanent solution and that he will receive just $1 in compensation for his role as interim CEO.
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