Howard Schultz returns as Starbucks CEO on $1 salary
Beverage company Starbucks has announced former chief executive Howard Schultz as its interim chief executive on a salary of $1.
Mr Schultz’s resumption is effective on Monday. The company had announced the potential return on March 16.
His return followed the resignation of Kevin Johnson, president and chief executive of the Seattle-based company.
“Schultz is volunteering his time as interim CEO to Starbucks and will receive $1 of compensation,” Starbucks said in a statement on its website.
Mr Schultz first joined Starbucks in 1982 and was chief executive from 1986 to 2000. He returned to the company in 2008 as chief executive and stepped down in 2017 when Mr Johnson replaced him.
In a letter to employees on Monday, Mr Schultz said he would be travelling to connect with partners in stores and manufacturing plants worldwide to get ideas on how to build the next Starbucks.
“I am returning to the company to work with all of you to design our next Starbucks — an evolution of our company deep with purpose, where we each have agency and where we work together to create a positive impact in the world,” Mr Schultz said.
Starbucks board of directors named Mr Schultz as “singularly qualified” to serve as the company’s interim CEO.
In addition to the company’s day-to-day management, Mr Schultz will also participate in the search process and help onboard the next CEO.
Between 1987 and 2018, Starbucks grew from 11 stores with 100 partners to more than 28,000 stores in 77 countries under Mr Schultz’s leadership.
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