SEATTLE, Wash. – Former Starbucks CEO Howard Schultz is returning to lead the company on an interim basis after the coffee giant’s current CEO announced his retirement.
President and CEO Kevin Johnson announced today, Wednesday, March 16th, he will retire next month after five years as CEO and 13 years at Starbucks.
Johnson, a former executive at Microsoft and Juniper Networks, succeeded Schultz as CEO in 2017.
Investors cheered the news of Schultz return, with Starbucks shares jumping 5% in premarket trading.