Seattle — Starbucks Corporation has announced that Kevin Johnson, president and chief executive officer, intends to retire after a 13-year tenure at the company, including the last 5 years as CEO. Johnson will transition from his current role on April 4, 2022, and will continue to serve as a Starbucks partner (employee) and special consultant to the company and board of directors through September. The Starbucks board of directors has been engaged in continuous CEO succession planning, assisted by Russell Reynolds Associates since 2021, and anticipates selecting a new leader by the fall. Until a permanent successor is named, the board has appointed Howard Schultz as interim CEO, effective April 4, 2022. Schultz will also rejoin the company’s board.
“On behalf of the entire board, I want to express our sincerest thanks to Kevin for his leadership of Starbucks. Kevin and the entire executive team stepped up to the challenge of the pandemic and navigated one of the most difficult periods in modern history. The economic certainty provided to partners during the early months of the COVID shutdown, as well as during mandatory quarantines, underscores our core values and will be an enduring legacy for the company. During Kevin’s tenure, Starbucks scaled an industry leading digital offering spanning nearly 45 million Starbucks Rewards members in the U.S. and China,” says Mellody Hobson, independent Starbucks board of directors chair.
Johnson, who has served on the Starbucks board of directors since 2009, joined the Starbucks leadership team in 2015 as president and chief operating officer. In 2017, Johnson was named president and chief executive officer, succeeding founder Schultz.
“A year ago, I signaled to the board that as the global pandemic neared an end, I would be considering retirement from Starbucks. I feel this is a natural bookend to my 13 years with the company. As I make this transition, we are very fortunate to have a founder 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,” says Johnson.
Schultz built Starbucks into one of the world’s most recognized and respected businesses. Under his leadership from 1987 to 2018, Starbucks grew from 11 stores with 100 partners to more than 28,000 stores in 77 countries. He stepped down as executive chairman in 2018.
“When you love something, you have a deep sense of responsibility to help when called. 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,” says Schultz.
Schultz is volunteering his time as interim CEO to Starbucks and will receive $1 of compensation.
For more information, visit www.starbucks.com.
SOURCE: Starbucks Corporation