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The Independent UK
The Independent UK
National
Via AP news wire

Starbucks CEO to retire; founder Schultz to be interim chief

Starbucks Howard Schultz Kevin Johnson

Starbucks President and CEO Kevin Johnson said Wednesday he will retire next month, and former CEO and company founder Howard Schultz will replace him on an interim basis.

Johnson, 61, said he told the company’s board last year that he was considering retirement after five years as CEO and 13 years at Starbucks. Starbucks expects to name a permanent CEO by this fall.

In the meantime, Schultz will serve as interim CEO; the company said he is taking $1 in compensation. Schultz, 68, is also rejoining Starbucks’ board. Johnson succeeded Schultz as CEO in 2017.

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