May 28, 2023

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Outgoing Starbucks CEO Howard Schultz says he won’t be returning for a fourth term

Outgoing Starbucks CEO Howard Schultz says he won't be returning for a fourth term

open minded Starbucks Executive Director Howard Schultz He says he will never return to the top job after the coffee giant announced a new job Succession plan last week.

“I will never go back, because we found the right person,” he said Wednesday on CNBC “Crow Box”.

Laxman Narasimhan, currently CEO of Lysol owner Reckitt, will join the coffee company in October and take over the reins in April. Schultz will remain on the Starbucks board after Narasimhan succeeds him and serves as a consultant.

Schultz, 69, is back at Starbucks for his third assignment As CEO in April after Kevin Johnson retired. Despite speculation from Wall Street and industry insiders, Schultz stuck to his promise that his current extension would be temporary.

When Johnson announced his retirement, Schultz said he had never before had any plans to return to Starbucks. He served as CEO from 1986 to 2000, developing the Seattle coffee chain into an industrial giant, and again from 2008 to 2017. He has also publicly The weight of the probability of running for the presidency before the 2020 elections.

While Narasimhan has not officially joined Starbucks yet, Schultz told CNBC’s Andrew Ross Sorkin that he has gotten to know his successor “well” over the past few months. Prior to leading a shift in Reckitt, Narasimhan held various positions in PepsiCo and McKinsey consulting firm.

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Set Narasemhan Silent reaction from Wall Street. Schultz’s earlier announcement of departure in late 2016 led to a twofold drop in the stock price.

Starbucks will hold an investor day in Seattle on Tuesday, where the company is expected to reveal more details about Schultz’s reinvention plan.

Correction: Laxman Narasimhan is the next CEO of Starbucks. An earlier version misspelled his last name.