Beverage company Starbucks has announced former chief executive Howard Schultz as interim chief executive with a $1 salary.
The resumption of Mr. Schultz is effective Monday. The company had announced the potential return on March 16.
His return follows the resignation of Kevin Johnson, chairman and chief executive of the Seattle-based company.
“Schultz is volunteering his time as interim CEO of Starbucks and will receive $1 in compensation,” Starbucks said in a statement posted on its website.
Mr. Schultz first joined Starbucks in 1982 and served as 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 travel to connect with partners at stores and manufacturing plants around the world to get ideas for how to build the next Starbucks.
“I’m returning to the company to work with all of you on the design of our next Starbucks – a deep evolution of our company with purpose, where we each have an agency and where we work together to create a positive impact in the world” , said Mr. Schultz. noted.
Starbucks’ board of directors has named Mr. Schultz “uniquely qualified” to serve as the company’s interim CEO.
In addition to day-to-day management of the business, 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.