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AP National Business

Starbucks CEO to retire; founder Schultz to be interim chief

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Published 5:05 AM

By DEE-ANN DURBIN
AP Business Writer

Starbucks President and CEO Kevin Johnson said Wednesday he will retire next month, and former CEO and company founder Howard Schultz will replace him on an interim basis. Johnson, 61, said he told the company’s board last year that he was considering retirement after five years as CEO and 13 years at Starbucks. Starbucks said it anticipates selecting a new CEO by this fall. In the meantime, Schultz will volunteer as an interim CEO; the company said he is taking $1 in compensation. Schultz, 68, is also rejoining Starbucks’ board. Johnson succeeded Schultz as CEO in 2017.

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