Starbucks Corporation board of directors provided an update to affirm the search details for the company’s next chief executive officer. As stated during the company’s quarterly earnings call last month, the board’s search continues to be on track to identify a successor CEO in the coming months, and the board has agreed with Schultz that he will remain as interim CEO through the first fiscal quarter of 2023. According to the announcement, 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.
Since returning as interim CEO on April 4, Schultz has engaged deeply with partners (employees) of all levels of the company, working directly with the leadership team to shape a strategic plan for the future of a reimagined Starbucks Coffee Company. The reinvention plan is being designed through co-creation across the organization with a focus on exceeding the expectations of both partners and customers.
As the next chief executive is named to the position, he or she will undergo full immersion into the company, collaborating with Schultz directly. Driving toward an announcement this fall, the official handoff will take place in the first calendar quarter of 2023. Thereafter, Schultz will remain on the Starbucks board.