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Starbucks announces plans to find new CEO from outside the company
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By Nithya Bose in Business News, posted June 9, 2022
Starbucks' new CEO will be appointed from outside the firm, the company has confirmed.
Howard Schultz, who is in his third spell as CEO after joining in April, is stepping down after being appointed in April.
He took over after the departure of former CEO Kevin Johnson and despite analyst and investor speculation, he has openly denied that he intends to remain as CEO in the long run.
READ MORE: ALABAMA STARBUCKS STAFF OVERWHELMINGLY VOTE TO UNIONIZE
Schultz said: “For the future of the company, we need a domain of experience and expertise in a number of disciplines that we don’t have now.”
This shift in Starbucks leadership comes amidst a burgeoning effort by baristas in the United States to unionize.
Schultz has waged a vigorous anti-union campaign, which has impacted the coffee chain's stock.
Whoever succeeds will inherit a company still reeling from the Covid pandemic, notably in China.
Starbucks' plan to hire new employees is also motivated by the escalating unionization initiatives in hundreds of locations.
The company's board of directors said on Monday, June 6, that a replacement will be named this fall.
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Schultz will serve as interim CEO until the first quarter of the company's fiscal 2023, which falls towards the end of the calendar year, and will continue on the board of directors.
The firm is now modernizing its US cafes to match how customers want to order and pick up their coffees, as well as aiming to satisfy demanding sustainability goals.
Source: CNBC
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