Starbucks Corporation (NASDAQ:SBUX) is getting Kevin Johnson as a new CEO today.
Johnson is taking over the role of CEO from Howard Schultz. He will also continue to serve as Starbucks Corporation’s President. His previous role at the company was COO. He has also been a member of its Board of Directors for seven years, and will continue to serve on it.
The change means that Schultz will be taking on the new role of Executive Chairman. He will also continue to remain as the Chairman of the Board. The new position will have the former SBUX CEO focusing on the company’s retail and social initiative efforts.
With Kevin Johnson replacing him as CEO, Howard Schultz is going to put attention toward Starbucks Corporation’s Roasteries. Schultz says that the company plans to open at least 20 more Roasteries, and that six of them will be open by 2019. He also notes that elements from Roasteries will make their way into roughly 1,000 Starbucks Reserve stores.
“I’ll simply note that Kevin has been immersed with us on management and operations issues and opportunities well before he took over the coo role two years ago,” Schultz said in a statement. “And that the two fiscal years following his engagement have been the best years in the history of Starbucks Coffee Company.”
Schultz also says that he personally asked Kevin Johnson to take over the role of CEO of Starbucks Corporation from him.
SBUX stock was down slightly as of Monday morning.