The coffee craze is a feeling felt amongst many consumers, and Starbucks has certainly seen success in the space as a result. Recently, the coffee purveyor announced changes to its leadership structure, revealing that Howard Schultz will take on the role of interim Chief Executive Officer following Kevin Johnson’s retirement as CEO.
“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,” Schultz said in a statement to CNBC. “With the backdrop of COVID recovery and global unrest, it's critical we set the table for a courageous reimagining and reinvention of the future Starbucks experience for our partners and customers.”
This appointment marks Schultz’s third tenure as Chief Executive Officer, as he once again mans the helm of the company while it searches for a long-term successor. He originally served as CEO from 1986 to 2000, and again from 2008 to 2017, according to a source.
Schultz’s appointment as CEO follows the retirement of Johnson, who has held the title for five years.
Johnson joined the Board in 2009, before joining the leadership team as President and Chief Operating Officer in 2015. In 2017, he took on the role of President and CEO, succeeding Schultz. This week’s annual shareholder meeting marks the trailblazer’s 14th year with the company.
“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,” commented the departing President and Chief Executive Officer in a statement obtained by CNBC on his intentions.
To read more about this appointment and the coffee titan’s succession plans, click here.
Congratulations to both Howard Schultz and Kevin Johnson on taking the next step in their industry careers.