Starbucks CEO to Retire; Founder Howard Schultz Returns as Interim CEO
- Shares rise most since 2020 as Johnson to retire on April 4
- Coffee chain expects to find new leadership by this fall
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Starbucks Corp. said Chief Executive Officer Kevin Johnson plans to retire next month and Chairman Emeritus Howard Schultz will return as interim CEO, retaking the reins of the company he grew from a local coffee roaster into a global phenomenon.
Johnson, 61, is stepping down on April 4 after 13 years with the company, Starbucks said Wednesday in a statement. He had signaled to the board a year ago that he would consider retirement when the pandemic neared an end, according to the Seattle-based company.