Starbucks CEO Kevin Johnson Announces His Retirement

This week coffee giant Starbucks announced that its CEO Kevin Johnson is retiring.

The CEO has worked at the company for 13 years, serving as its CEO since April of 2017.

Johnson, 61, will transition from his current role on April 4, 2022, and will continue to serve as a Starbucks partner and special consultant to the company and Board of Directors through September.

Starbucks is now looking for a permanent successor and in the meantime the Board of Directors appointed founder and former CEO and former executive chairman Howard Schultz as interim CEO.

The role will be effective April 4, 2022, with a compensation of $1. He will also rejoin the company’s Board of Directors. Starbucks said it hired a search firm and anticipates to find a new leader by the Fall.

Schultz previously served as CEO from 1986 to 2000 and then returned from 2008 to 2017.

In a letter to all Starbucks partners titled A message of thanks from Kevin: Starbucks has been a gift in life, Johnson wrote, “A year ago, I signaled to the Starbucks Board of Directors that as the pandemic neared an end, I would consider retirement. Well, that day has come.”

Wednesday was Johnson’s 14th and final Annual Meeting of Shareholders as a Starbucks Partner, he acknowledges in the letter, adding that he feels confident in the road ahead for the coffee chain with Schultz back at the helm of the company on an interim basis.

“As I make this transition, we are very fortunate to have our founder, Howard Schultz, who is able to step in on an interim basis, giving the Board time to further explore potential candidates and make the right long- term succession decision for the company,” Johnson said.

“Although I did not plan to return to Starbucks, I know the company must transform once again to meet a new and exciting future where all of our stakeholders mutually flourish,” Schultz said in a statement, adding that he plans to focus on innovation framework and to help onboard the next CEO.

“With the backdrop of COVID recovery and global unrest, it’s critical we set the table for a courageous reimagining and reinvention of the future Starbucks experience for our partners and customers,” Shultz also stated.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.