Starbucks Corp has said that Howard Schultz will remain the coffee chain's interim chief executive officer until the end of March 2023, as it looks for a permanent successor.
'The board has agreed with Schultz that he will remain as interim CEO through the first fiscal quarter of 2023,' Starbucks said in a statement. 'This timeline provides the company the ideal runway for a seamless transition and continuity of leadership through the 2022 holiday season, as the business transformation continues.'
Starbucks is considering only external candidates for its next CEO, the Wall Street Journal reported earlier in the day. Schultz cited a need to add fresh talent and skills to its senior leadership ranks, the report said.
The company on Monday reiterated its plans to identify a successor by fall, and said Schultz would remain on the board after he steps down as CEO.
Since returning as CEO, Schultz has overseen the development of a strategic plan for what the company has described as a 'reimagined Starbucks Coffee Company'.
It added that this 'reinvention plan is being designed through co-creation across the organization with a focus on exceeding the expectations of both partners and customers'.