Starbucks Corporation Board of Directors on Monday provided an update to affirm the search details for the company’s next CEO.
The Wall Street Journal confirmed that the next leader will come from outside the organization.
As stated during the company’s quarterly earnings call last month, the board’s search continues to be on track to identify a successor CEO in the coming months, and the board has agreed with founder Howard Schultz that he will remain as interim CEO through the first fiscal quarter of 2023. This timeline provides the company the ideal runway for a seamless transition and continuity of leadership through the 2022 holiday season, as the business transformation continues.
Starbucks announced in mid-March that former CEO Kevin Johnson would retire in April. To facilitate a smooth transition, the board of directors appointed Schultz as interim CEO. Schultz previously served as CEO from 2008-2017 and 1985-2000 and as president from 2008-2015 and 1985-1994. During his time as leader, Starbucks grew from 11 stores with 100 employees to more than 28,000 units in 77 countries.
Johnson is serving as a special consultant to Starbucks and the board of directors through September.
Since returning as interim CEO on April 4, Schultz has engaged deeply with partners (employees) of all levels of the company, working directly with the leadership team to shape a strategic plan for the future of a reimagined Starbucks Coffee Company. The reinvention plan is being designed through co-creation across the organization with a focus on exceeding the expectations of both partners and customers.
As the next chief executive is named to the position, he or she will undergo full immersion into the company, collaborating with Schultz directly. Driving toward an announcement this fall, the official handoff will take place in the first calendar quarter of 2023. Thereafter, Schultz will remain on the Starbucks Board of Directors.