Philadelphia, Pa
Longtime Starbucks CEO Howard Schultz returns to lead company on interim basis
Starbucks made the announcement Wednesday forward of its annual assembly.
Kevin Johnson stated he’ll retire subsequent month after 5 years as CEO and 13 at Starbucks. Johnson, a former government at Microsoft and Juniper Networks, succeeded Schultz as CEO in 2017.
Johnson, 61, stated he instructed the corporate’s board final 12 months that he was contemplating retirement. His most blatant successor had been Roz Brewer, the corporate’s chief working officer, however she left the corporate in February to turn into the highest government at Walgreens.
Starbucks is planning to section out its iconic cups to scale back waste
Starbucks expects to call a everlasting CEO by this fall. Whereas Schultz leads the corporate, he’ll get $1 in compensation. Schultz, 68, can also be rejoining Starbucks’ board.
Buyers cheered the information; the Seattle firm’s shares jumped 6% on the opening bell. The corporate’s shares are down virtually 30% this 12 months as Starbucks struggles with greater labor and commodity prices and weaker gross sales in China.
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