Starbucks' Howard Schultz returning as interim CEO as current chief Kevin Johnson steps down
CBSN
Starbucks on Wednesday said that CEO Kevin Johnson is stepping down after five years at the helm of the coffee chain, a period when the company dealt with challenges including a backlash after a racial bias incident and a worker push to unionize.
Former CEO Howard Schultz will step in as interim chief executive, effective April 4, until a permanent replacement is found, the company said in a statement. The company said Schultz is volunteering his time and will receive $1 in pay.
Starbucks said it plans to select a new CEO by the fall. In the meantime, Starbucks is facing a widening push by employees to unionize its stores, although so far only a handful have organized out of its thousands of U.S. locations. Johnson said he began talking with the company's board of directors a year ago about retiring from his role.
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