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Starbucks founder Howard Schultz will serve as interim CEO

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.

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