Starbucks, amidst the ongoing internal debate over employee unionization, is currently in a strong position. Given this, CEO Kevin Johnson has made the decision to step down feeling confident in the company’s stability.
In a public announcement today, Johnson shared his plans to retire after serving as CEO for five years. Howard Schultz will step in as interim CEO until a permanent successor is appointed.
“A year back, I informed the Board that with the global pandemic waning, I was contemplating retirement from Starbucks. This decision marks the completion of my 13-year journey with the company,” Johnson stated.
BREAKING: Starbucks CEO Kevin Johnson is retiring, and Howard Schultz is returning as interim chief https://t.co/3R8e0JyCLX
— CNBC Now (@CNBCnow) March 16, 2022
“When you have a deep love for something, you feel a great sense of duty to respond when called upon. Although I hadn’t planned on returning to Starbucks, I acknowledge the company’s need for a fresh transformation to embrace a new and promising future where all stakeholders can thrive together,” Schultz remarked in a separate statement. “Given the backdrop of COVID recovery and global challenges, it is crucial to lay the groundwork for a bold reimagining and reinvention of the Starbucks experience for our partners and customers.”
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