Starbucks CEO Kevin Johnson to Retire as Howard Schultz Returns as Interim CEO

This is an English adaptation of a FoodBud historical article originally published on March 16, 2022.

On March 16, 2022, Starbucks announced that president and CEO Kevin Johnson planned to retire after 13 years with the company.

Johnson was set to transition out of his current role on April 4, 2022, and serve as a special adviser to Starbucks until September 2022.

Succession Plan

Starbucks said its board had been searching for the company’s next CEO since 2021 and expected to name a new leader by fall 2022.

The board appointed founder Howard Schultz as interim CEO, effective April 4, 2022. Schultz was also set to rejoin the board.

A board working committee had been formed to oversee the CEO search. Starbucks said the process was ongoing and had produced a strong list of potential candidates.

Johnson’s Tenure

Johnson had served on the Starbucks board since 2009. He joined the company’s leadership team in 2015 as president and chief operating officer.

In 2017, Johnson became president and CEO, succeeding founder Howard Schultz.

Schultz’s Interim Role

The board said Schultz was well qualified to serve as interim CEO because of his role as the company’s founder and the architect of its culture.

In addition to managing day-to-day operations, Schultz was expected to participate in the CEO search and help onboard the next chief executive.

Schultz built Starbucks into one of the world’s most recognized foodservice brands. From 1987 to 2018, under his leadership, Starbucks expanded from 11 stores and 100 partners to more than 28,000 stores across 77 countries.

As CEO, Schultz promoted programs including comprehensive healthcare, stock ownership, and free college tuition for full-time and part-time employees. During his tenure, Starbucks’ share price rose 21,000% from its 1992 IPO through his departure as executive chairman in 2018.

Schultz said that although he had not planned to return to Starbucks, he believed the company needed to transform again for a new future in which all stakeholders could thrive.

As interim CEO, Schultz was to focus on developing an innovation framework while coaching and preparing Starbucks’ next permanent CEO.

Schultz volunteered for the interim CEO role and was to receive $1 in compensation.

Note: IPO, share-price, succession, and forward-looking leadership details are historical figures and plans from the March 16, 2022 article.