Howard Schultz returns to lead Starbucks on interim basis

KIFI

Published March 16, 2022 6:05 AM

By DEE-ANN DURBIN
AP Business Writer

Longtime Starbucks CEO Howard Schultz is returning to lead the company on an interim basis after the coffee giant’s current CEO announced his retirement. Starbucks made the announcement Wednesday ahead of its annual meeting. President and CEO Kevin Johnson said he will retire next month after five years as CEO and 13 at Starbucks. Johnson, a former executive at Microsoft and Juniper Networks, succeeded Schultz as CEO in 2017. Johnson, 61, said he told the company’s board last year that he was considering retirement. Investors cheered the news. Starbucks shares jumped 5% in premarket trading.

Article Topic Follows: AP National Business

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