Coffee king abdicates
Starbucks CEO Howard Schultz is quitting the chain after 30 years at the company.
Set to step down next year, Schultz will become executive chairman of the coffeee giant and will concentrate on launching luxury brands.
Kevin Johnson, Starbucks’ chief operating officer, will be the next CEO.
“Starbucks consistently outperforms the retail industry because our stores, our offerings and the experiences our partners create make us a destination,” Schultz said in a statement.
“As I focus on Starbucks next wave of retail innovation, I am delighted that Kevin Johnson – our current president, coo, a seven-year board member and my partner in running every facet of Starbucks business over the last two years – has agreed to assume the duties of Starbucks chief executive officer. This move ideally positions Starbucks to continue profitably growing our core business around the world into the future.
“Over the past two decades, I have grown to know Starbucks first as a customer, then as a director on the board, and for the past two years as a member of the management team. Through that journey, I fell in love with Starbucks and I share Howard’s commitment to our mission and values and his optimism for the future,’ said Johnson. ‘It is an honor for me to serve the more than 300,000 partners who proudly wear the green apron and I consider it a privilege to work side-by-side with Howard, our world-class board of directors, and a very talented leadership team. Together, we will reaffirm our leadership in all things coffee, enhance the partner experience and exceed the expectations of our customers and shareholders. We believe in using our scale for good and having positive social impact in the communities we serve around the world.”