Starbucks founder Howard Schultz will return as the coffee giant’s temporary CEO when Kevin Johnson steps down next month after running the firm for five years, Starbucks announced in a statement Wednesday, marking an unusual second comeback for a major corporation’s top executive.
Schultz, 68, who was CEO of Starbucks from 1986 to 2000 and again from 2008 to 2017, will run the firm until the board seeks a new leader, according to the company.
Johnson, 61, will resign on April 4 after five years as CEO and 13 years with Starbucks, and will continue to serve as a special consultant to the business and its board of directors until September, according to the company.
Starbucks shares were up 7.52 percent to $89.34 as of 11:30 a.m. ET Wednesday, but the company’s stock is still down 23 percent this year due to increasing expenses and slowing sales in China.
According to the corporation, Schultz, who has become a multi-billionaire as a result of Starbucks, would be paid $1 in compensation.