The search is on for a new chief executive at Starbucks after Kevin Johnson unexpectedly announced that he would step down next month.
Howard Schultz, the man who drove the American group’s growth into the world’s largest coffee chain, will return to lead it on an interim basis.
Johnson, 61, who has worked at Starbucks for 13 years, told investors that he had informed the board he was considering retirement a year ago. He was appointed president and chief executive in 2017. The company was “very fortunate” that Schultz would come back, Johnson said, giving it time to “make the right long-term succession decision”.
Starbucks was founded in 1971 in Seattle. Schultz, 68, joined the business a decade later and led its vast global expansion. Today it has more than 34,000 stores and 400,000 staff.
Starbucks said that its board has been “engaged in continuous CEO succession planning” and had been assisted by external consultants since last year, although it had committed to selecting a new leader only by the autumn. Schultz will rejoin the board and will act as interim chief executive from April 4 to “ensure seamless stewardship of the company”.
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Schultz, who according to Forbes has a personal fortune of $4.2 billion, is volunteering his time and will receive $1 of compensation. Johnson will remain employed as a special consultant until September.
Shares in the $100 billion group rose by 5.2 per cent, or $4.29, to close at $87.41 in New York.
